Former GM CEO Ed Whitacre Jr. Says GM Is ‘on a nice track’ image

Former GM CEO, Ed Whitacre Jr., said that the automaker is on the right track and that its losses in the European market can be fixed.

Whitacre, who recently released his book called “American Turnaround: Reinventing AT&T and GM and the Way We Do Business in the USA,” told reporters in Detroit that he cannot tell what is still broken at GM as he doesn’t follow the automaker’s daily moves.

“GM is on a nice track,” he said at the Renaissance Center. “It’s making a lot of money. I think they have good vehicles. … I think they’ve made remarkable progress and I give them a lot of credit, give current management and the employees a lot of credit.”

In 2012 GM lost $1.8 billion in the European market, and analysts predict that the company will continue losing this year around $1 billion. GM said earlier this year that it plans to break even by mid-decade. Whitacre, who wrote in his book that he wanted Mark Reuss to succeed him in 2009 as CEO, said he doesn’t know who will come after Dan Akerson’s retirement, but that he has some ideas.