Ed Whitacre announced yesterday that he was stepping down as chief executive officer and chairman of General Motors. Whitacre’s resignation comes in advance of GM’s public stock offering that Whitacre hoped would help GM shed its Government Motors rubric. He thought the Government Motors tag was hurting sales. A caller on Rush Limbaugh’s show noted the peculiar timing of Whitacre’s announcement yesterday.
Others have noticed the peculiar timing as well. Jeffrey Sonnenfeld, associate dean of the Yale School of Management and head of the Chief Executive Leadership Institute, observed: “This is not a planned succession as it’s being spun,” he said. “This is not the way it’s done with an IPO. The IPO should be delayed until GM gives the full story behind the leadership change.”
It is easy to forget the outrages committed by the Obama administration in connection with its takeover of GM (not to mention the outrages committed by Whitacre at the behest of his political masters). Today’s New York Post runs the column “Model corruption” by Mark Modica and Hal John, providing a potent reminder that of what the Obama administration has to answer for.
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