Ed Whitacre, who has served as General Motor's CEO since January, will step down as of September 1, but will stay on as chairman.
The company reported Q2 earnings today, posting $1.3 billion in profit.
The Wall Street Journal reported on the news: "He was brought in by the Obama administration last year to be board chairman and wasn't expected to remain CEO for the long term." The company is also reportedly preparing for an IPO.
Dan Ackerson, MD at buyout firm Carlyle Group and GM board member, will succeed Whitacre as CEO.