It's the end of an era, folks. There are reports this afternoon all over the internet that General Motors' Vice Chairman, "Maximum" Bob Lutz, will officially retire on May 1. Those keeping track will remember that Lutz initially announced his retirement back in February of 2009, but then later chose to remain with GM, heading the marketing and communications teams.
The 78-year-old Lutz has been credited for rejuvenating GM's product development, and has been the company's most outspoken champion of the all-important Chevy Volt. In recent months, as the pay scales for the company's top 25 executives were being reviewed by the U.S. Treasury Department, Lutz commented to The Detroit News that most executives were "way, way, way" underpaid, so it's possible that this could be a key factor in his decision to leave GM. However, we can only speculate at this moment since neither GM nor Lutz has released an official statement yet. As the ongoing executive shuffle at GM continues to work itself out, we won't be surprised if official word comes in the very near future.
[Sources: The Detroit News, CNBC]