Famed auto executive Bob Lutz, General Motors Corp. vice chairman of global product development, will retire at the end of 2009, the automaker announced this morning, according to The Detroit News.

Lutz, 76, will transition into a new role effective April 1 as vice chairman and senior adviser, providing strategic input into the automaker's global design and key product initiatives until his retirement.

Tom Stephens, currently executive vice president of global powertrain and global quality, will become vice chairman of global product development effective April 1.