General Motors announced that Dan Akerson, who guided today’s GM to record profits and dramatic improvement in vehicle quality while closing the chapter on government ownership in the company, will step down as chairman and CEO on Jan. 15, 2014.
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.
Akerson, 65, pulled ahead his succession plan by several months after his wife was recently diagnosed with an advanced stage of cancer.
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.
“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,” Akerson said in a message to employees.
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.
“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,” said Barra. “I’m honored to lead the best team in the business and to keep our momentum at full speed.”
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.
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.
The company also announced that Steve Girsky, 51, vice chairman, Corporate Strategy, Business Development and Global Product Planning, will move to a senior advisor role until leaving the company in April 2014. He will remain on the GM Board of Directors.
Girsky led GM’s turnaround plan for Europe that has put that region’s operations back on a path to profitability. He has also put GM’s OnStar unit at the forefront of in-vehicle connectivity and helped create GM Ventures to speed the commercialization of new technologies in GM vehicles.
Akerson was named GM Chairman and CEO on September 1, 2010. He joined GM in 2009 as a member of its Board of Directors. Since the company’s November 2010 Initial Public Offering, GM has recorded 15 consecutive quarters of profitability, has earned this year the best overall initial vehicle quality scores of any auto manufacturer, and has re-invested nearly $9 billion and created or retained more than 25,000 jobs at its U.S plants.