BREAKING: Edward Whitacre to continue on as GM CEO

General Motors’ chairman Edward Whitacre announced today that he has taken the company board’s offer to stay on as Chief Executive Officer of the automaker. Whitacre said that GM will immediately call off the search for a new CEO.

“The board of directors asked if I would be willing to stay on at GM and help continue the company”s road back to success,” Whitacre said. “Having spent the past few months learning the business, meeting with our employees, customers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role. This is a great company with an even greater future, and I want to be part of it.”

Whitacre also said that the company is in good shape and remains committed to pay back in full the U.S. Treasury and the Canadian and Ontario government loans by June.

“We”ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian and Ontario government loans by June,” Whitacre said. “This represents a significant milestone in our journey back to being a profitable and viable company.”

– By: Omar Rana