Theodore Solso, 66, will succeed Akerson, 65, as chairman
canada goose store GM shakes up auto industry men’s club
DETROIT (Reuters) General Motors Co CEO Dan Akerson will step down next month and be replaced by Canada Goose online GM and global product chief Mary Barra, a uk canada goose outlet sign that the development of new vehicles will be the paramount focus of the company that emerged from bankruptcy four years ago.
canada goose The appointment of Barra, 51, is at once groundbreaking she will be the first woman to lead a global automaker and yet also very traditional. Her father is a long time GM employee and Barra has spent her entire 33 year career at the No. automaker.
Barra ascension also marks canada goose store the re emergence of an engineer at the helm of GM, a canada goose online company long dominated by financial executives who were sometimes criticized by investors as lacking experience on the product side of the business.
canada goose clearance With her engineering canada goose factory sale background, plant canada goose clearance experience, time spent running human resources and her current job in charge of product development, purchasing and suppliers, Barra canada goose uk outlet has the expertise needed to help continue the company turnaround, analysts and investors said. The big question is whether someone so steeped in GM Canada Goose Parka tradition can continue to drive the cultural transformation Akerson started.
canada goose black friday sale promotion of Barra as CEO indicates there is more to come in the evolution of the company and may attract some buy canada goose jacket cheap new longer term investors who https://www.alifeoutofdebt.com were skeptical about an over finance dominated executive suite, Barclays analyst Brian Johnson said.
canada goose coats on sale GM cheap Canada Goose said on Tuesday canada goose black friday sale that Akerson, who is also the chairman, will leave on January 15. He had planned to step down in mid to late 2014, but brought that forward after learning about two months ago that his wife had an advanced stage of cancer.
canada goose clearance sale Barra will be GM fifth CEO in less than five years since Rick Wagoner was forced out by the Obama administration in March 2009 as the uk canada goose company headed towards its bankruptcy filing. She is currently an executive vice Canada Goose Online president.
canada goose coats The Michigan native will be GM fifth female director. Theodore Solso, 66, will succeed Akerson, 65, as chairman.
canadian goose jacket Before the new CEO was named, some analysts and investors were concerned about whether Barra and the three other internal candidates had enough experience for the job. GM might be trying to address that by naming Solso to the chairman role.
Akerson said Barra had order to chaos in the global product canada goose coats on sale development process.
He said Barra was chosen for her talent, not gender, and that the board had not looked at any outside candidates. canada goose He said Barra selection was unanimous and it was the board decision to split the chairman and CEO jobs, a move he supported.
Under Akerson, GM moved to eliminate some of its historic bureaucracy and inefficiencies, recovered its investment grade credit rating and pared financial losses in its European business. He said history would view him as a CEO.
bankruptcy transformed the balance sheet, but the transformation of the company is still a work in progress, Guggenheim Securities analyst Matthew Stover said. He added that only time will tell buy canada goose jacket whether Barra, who has spent her entire career at GM, is the change agent as touted by Akerson.
Canada Goose Outlet As Akerson leaves the helm at GM, Ford Motor Co is also on cheap canada goose uk the verge of a possible change at the top. Ford CEO Alan Mulally is on a Canada Goose sale short list to become the next CEO at Microsoft Corp.
CHOOSING A SUCCESSOR Investor reaction to the news was muted: GM shares closed down 1.2 percent at $40.40 on the New York Stock exchange. Treasury announced it had sold the last of its GM shares, something investors believe could lead to the restoration of a common stock dividend.
Canada Goose Parka General Motors Chairman and CEO Dan Akerson (L) announces canadian goose jacket he is stepping during a Town Hall meeting with employees in Detroit, Michigan in this December 10, 2013 handout photo. Looking on are new CEO Mary Barra (2nd L), new GM President Dan Ammann, and new Executive Vice President, Global Product Development, Purchasing and Supply Chain Mark Reuss (R). REUTERS/Steve Fecht/General Motors/Handout via Reuters
Some investors see a possible dividend as a bigger stock catalyst than a new CEO.
canada goose deals is that investors need to focus on valuations, GM ability to grow its top line, bottom line and canada goose clearance sale cash flow, Canada Goose Coats On Sale said Martin Gedja, an investment adviser at GM shareholder BMO Nesbitt Burns.
Barra has risen through a series of manufacturing, engineering and senior staff positions, and is currently in charge of reducing the number of platforms on which GM builds its vehicles. Her father worked as a die maker at GM for 39 years.
Canada Goose sale key to General Motors long term success is great products, Barra said in a video posted on the company website on Tuesday.
Sources told Reuters last month that canada goose uk shop Akerson might step down in 2014, a move widely expected once the government canada goose coats exited its stake. He was appointed CEO just before GM re entered public markets on November 2010, following a $49.5 billion government bailout and bankruptcy reorganization.
cheap Canada Goose Speculation on his exit gained steam in April, when GM disclosed canada goose uk black friday in a securities filing that his compensation plan had changed.
buy canada goose jacket Slideshow (3 Images)
buy canada goose jacket cheap GM board began discussing the succession issue about a year ago, but Akerson wife cancer sped up the decision, a Canada Goose Jackets person familiar with the board thinking said. The topic was heavily discussed at the late November board meeting before the plan was finalized over last weekend, said the person, who asked not to be identified.
Canada Goose online Independent auto analyst Maryann Keller said Barra has many of the attributes that Mulally used to help turn around Ford after his Canada Goose Outlet arrival in 2006.