Road to Power

Chapter 11 Chevy Cruze: “No More Crappy Cars”

Edward Whitacre's leadership was jarring for some at the company. He wanted to move fast, had little patience for long PowerPoint presentations, and left the 39th-floor CEO suite to drop in unannounced at plants and offices throughout the company—all departures from the norm for the company's top echelons. His cut-to-the-chase style was one element that helped bring the company back to profitability quickly. (The hiving off of billions of dollars of debts, the government cash infusion, and streamlining the product line were some obvious others.) By the end of 2009, the new GM was ready to head back to the stock exchange and sell its shares to the public. The company's board thought that whoever led that process should stay with the company for a while. Whitacre wasn't willing to commit to staying long, so another board member, Dan Akerson, stepped into the role.

He was the fourth CEO of General Motors in 18 months.

Like Whitacre, Akerson had no background in the auto industry. He came to GM from the Washington-based Carlyle Group, a private equity firm known for buying downtrodden or financially troubled companies, revamping them, and then selling them. Carlyle is also known for its ties to governments around the world, experience that would be useful in dealing with officials at the company's largest shareholder: the U.S. government. Akerson had operating experience running a number of companies, including one that had been in ...