GM Names New CEO After Government Exit

General Motors today announced plans to replace the retiring Dan Akerson as chief executive come January 2014. The news came a day after the U.S. government sold its remaining 31.1 million shares in the automaker.

Mary Barra, GM’s executive vice president of global product development, purchasing, and supply chain, will become CEO on Jan. 15, 2014. Barra, 51, will also join the GM board.

GM said in a company release that Akerson had guided GM to record profits and “dramatic improvement quality while closing the chapter on government ownership in the company.”

In a statement yesterday after the U.S. Treasury sold the last of its shares, Akerson said: “The U.S. Treasury’s ownership exit closes just one chapter in GM’s ongoing turnaround story. We will always be grateful for the second chance extended to us and we are doing our best to make the most of it. Today is not dramatically different from the hundreds of preceding days during which we have worked to make GM a company our country can be proud of again.”

In addition to Barra, the GM board named Theodore (Tim) Solso to succeed Akerson as chairman. Solso, 66, is the former chairman and CEO of engine-maker Cummins Inc. He’s been a GM board member since June 2012.

Meanwhile, Executive Vice President and Chief Financial Officer Dan Ammann, 41, was named company president. He’ll assume responsibility for managing the company’s regional operations globally. The global Chevrolet and Cadillac brand organizations and GM Financial will also report to Ammann.

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.

Mark Reuss, 50, executive vice president and president of North America, will replace Barra as executive vice president of global product development, purchasing and supply chain.