Struggling Auto Producer Makes Interim CEO Permanent

During a hastily assembled press conference, General Motors announced today Ed Whitacre Jr. has accepted the position of CEO permanently.

Stating that many applicants had been sought for the position, Whitacre stated that the need for "stability" within the company was one of the reasons he was asked to stay.

Standing within the Detroit Headquarters, the former chairman and CEO of AT&T also reinstated the previous promise to pay its loans from the US and Canadian Governments by June.

As to when the company will go public again, Whitacre gave no hint to time other than to say the move will take place, "when the market conditions and internal conditions are right."