Ceo, Big Three | featured news

The U.S. economy is on increasingly unsteady footing, hurt by stubbornly high unemployment and volatile oil prices, the head of General Motors Co told reporters on Tuesday.

The annual package includes $1.7 million in salary and a mix of stock, some part of a long-term incentive plan.

Ed Whitacre will be replaced by The Carlyle Group's Daniel Akerson on September first.

Chrysler Group LLC Chief Executive Sergio Marchionne reiterated that the auto maker "intends to break even" on an operating basis this year and will hit its target of selling 1.1 million new vehicles in the U.S.

General Motors chairman and chief executive, Ed Whitacre, Jr. will receive a compensation package worth $9 million, the automaker said Friday.

Edward E. Whitacre Jr., G.M.’s new chief executive, assigned numerous executives to new roles as he looked to strengthen the carmaker’s revival effort.

Fritz Henderson leaves government-owned automaker just months after his predecessor was forced to resign by a White House task force.

Chrysler broke even in September and finished the month with more cash than it had at the end of June, the company's chief executive said on Wednesday.

General Motors Corp said on Tuesday that former chairman and chief executive of AT&T Inc Edward Whitacre will become chairman of the restructured automaker later this summer.

CEO Fritz Henderson calls the move 'a defining moment' in the company's reinvention. In trading, shares of GM dropped 28%. Meanwhile, Chrysler takes another step toward emerging from bankruptcy.