GM China chairman Philip Murtaugh resigns

Philip Murtaugh, chairman and CEO of GM China, has quitted from the posts he has held for five years, according to an announcement made by the GE China unit.

The announcement spoke highly of Murtaugh's contributions to GM's business development in China and said Murgaugh was leaving for "personal reasons" that have nothing to do with business.

Murtaugh's whereabouts remain unknown, and sources said he will not take another job at GM.

Murtaugh, 50, is seen as having played a key role in bringing GM into China. As GM China chairman and CEO, Murtaugh is in control of seven joint ventures, two subsidiaries with 100 percent GM financing on China's mainland and GM businesses in China's Taiwan province and Hong Kong.

Troy Clarke, GM's Shanghai-based Asia-Pacific president, will oversee the carmaker's businesses in China until a replacement is found, according GM China.

GM sold a record 492,014 cars last year, a 27 percent jump from 2003.

Although GM announced recently that the company would post its biggest quarterly loss in 13 years, insiders say China is still a profitable market for GM.