Dan Akerson to Retire from GM, Mary Barra Next CEO, Dan Ammann President

Dan Akerson to Retire from GM, Mary Barra Next CEO, Dan Ammann President

General Motors
General Motors

General Motors has announced that Dan Akerson will step down as chairman and CEO on January 15, 2014.

Dan Akerson said

“I will leave with great satisfaction in what we have accomplished, great optimism over what is ahead and great pride that we are restoring General Motors as America’s standard bearer in the global auto industry”

The Board also named Theodore (Tim) Solso to succeed Akerson as Chairman. Solso, 66, is the former chairman and CEO of Cummins, Inc., and has been a member of the GM Board since June 2012.

Mary Barra, 51, executive vice president, Global Product Development, Purchasing and Supply Chain, was elected by the Board of Directors to become the next CEO of the company. Barra will also join the GM Board.

Mary Barra said

“With an amazing portfolio of cars and trucks and the strongest financial performance in our recent history, this is an exciting time at today’s GM. I’m honored to lead the best team in the business and to keep our momentum at full speed”

With 33 years of experience at GM, Barra has risen through a series of manufacturing, engineering, and senior staff positions. She is a leader in the company’s ongoing turnaround, revitalizing GM’s product development process resulting in the launch of critically acclaimed new products while delivering record product quality ratings and higher customer satisfaction.
Dan Ammann, 41, executive vice president and chief financial officer, was named company president and will assume responsibility for managing the company’s regional operations around the world. The global Chevrolet and Cadillac brand organizations and GM Financial will also report to Ammann.

Ammann joined GM in 2010 where his first assignment was to manage GM’s initial public offering. As CFO, he has led a transformation of GM’s finance operations into a world-class organization. He also led the strategy to rebuild the company’s captive finance capability through the successful establishment and growth of GM Financial.

Dan Ammann said

“We have a significant opportunity to further integrate and optimize our operations to deliver even better results.While we have made good progress, we still have much work ahead of us to realize GM’s full potential”

Ammann will retain CFO responsibilities at least through the release of the company’s fourth quarter and full-year 2013 results in early February 2014. His replacement as CFO will be named later.

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