This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

[video] GM Names Mary Barra CEO as Akerson Steps Down

DETROIT (TheStreet) -- General Motors (GM - Get Report) said Mary Barra will become the first female CEO of a major automaker next month when Dan Akerson steps down.

Barra, 51, is currently executive vice president for global product development, purchasing and supply chain. She was elected CEO by the GM board, which she will join. She has worked at GM for 33 years.

Akerson is 65. GM said he moved his succession plan ahead by several months after his wife was recently diagnosed with an advanced stage of cancer. He will step down as CEO and chairman on Jan. 15, 2014.

"My goals as CEO were to put the customer at the center of every decision we make, to position GM for long-term success and to make GM a company that America can be proud of again," Akerson said in a prepared statement. "We are well down that path, and I'm certain that our new team will keep us moving in that direction."

The board named Tim Solso, 66, to succeed Akerson as chairman. Solso is the former chairman and CEO of Cummins, and has been a GM board member since June 2012.

Barra has been a leader in the ongoing product development process that has been among the underpinnings of GM's turnaround.

"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," she said in a prepared statement.

In other changes, Dan Ammann, 41, executive vice president and chief financial officer, was named president. He 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 financial chief will be named later.

Mark Reuss, 50, executive vice president and president, North America, will replace Barra as executive vice president, global product development, purchasing and supply chain. "The driver's seat of designing and engineering the strongest product line up in GM's history is the best seat to have," he said.

Alan Batey, 50, currently senior vice president, global Chevrolet and U.S. sales and marketing, will replace Reuss. Steve Girsky, 51, vice chairman, corporate strategy, business development and global product planning, will move to a senior adviser role until leaving the company in April 2014. He will remain on the board.

Akerson was named GM cairman and CEO on Sept. 1, 2010, after joining the automaker in 2009 as a member of its board. Since its November 2010 IPO, GM has recorded 15 consecutive quarters of profitability.

-- Written by Ted Reed in Charlotte, N.C.

To contact this writer, click here.

Follow @tedreednc

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
GM $36.83 -2.10%
AAPL $126.60 0.15%
FB $80.00 -1.48%
GOOG $567.68 -1.33%
TSLA $193.88 -3.36%

Markets

DOW 17,856.78 -278.94 -1.54%
S&P 500 2,071.26 -29.78 -1.42%
NASDAQ 4,927.37 -55.4390 -1.11%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs