Vice Chairman Robert Lutz would retire on May 1 after nearly 50 years in the automotive industry, said U. S. automaker General Motors Co. on Wednesday.

In a statement, Lutz said that he had guided GM toward a "product-focused mindset" that would serve the company well.

According to the New York Times, Lutz said," I can confidently say that the job I came here to do more than nine years ago is now complete -- the team I have been fortunate to lead has far exceeded my expectations."

The 78 years old Lutz said in January that he would stay with GM "if the board will have me and my health holds out."

The secrets of the shakeup would "have to wait until I publish my next book, presumably when I retire," he said in December, following Chief Executive Officer Fritz Henderson's abrupt departure.

At that point, he said his retirement would come "possibly several years from now."

Lutz joined GM in 2001. (With inputs from Agencies)