Whitacre named General Motors' permanent CEO

Ed Whitacre, General Motors Co.'s chairman, will become the automaker's permanent CEO, it was announced on Monday.

In a brief press conference, Whitacre, 68, said GM plans to pay back government loans to the U.S. and Canada by June.

Whitacre said GM is also aiming for an initial public offering of stock to the public, but would not set a timetable for that to happen.

He said GM continues its plan to wind down Saab, although the automaker is still holding talks with Dutch supercar maker Spyker N.V. about a sale.

Whitacre said there was not a specific term set for him to be CEO. He also said he didn't expect to make big changes as he tried to act like a permanent CEO during his time as interim CEO.

Below is a replay of Whitacre's press conference on Monday:

By Chrissie Thompson- Automotive News