“Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change, said Chairman Ed Whitacre in an official statement. “While momentum has been building over the past several months, all involved agree that changes needed to be made.”

Whitacre, who was appointed by the Obama Administration, has taken over the role of Chairman and CEO while an international search for a new president and CEO begins immediately.

“I want to assure all of our employees, dealers, suppliers, union partners and most of all, our customers, that GM's daily business operations will continue as normal. I remain more convinced than ever that our company is on the right path,” he said. “We now need to accelerate our progress toward that goal, which will also mean a return to profitability and repaying the American and Canadian tax payers as soon as possible.”