Ed Whitacre, the chairman of GM, will become the permanent CEO
Whitacre, 68, has been acting as interim CEO since the departure of Fritz Henderson in early December.
In a press conference, Whitacre said GM plans to pay back government loans to the US and Canada by June.
He 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.
Whitacre 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.