GM High-Tech Performance Blogs
Dan Akerson could easily have the most impressive resume of any CEO of General Motors
Dan Akerson could easily have the most impressive resume of any CEO of General Motors. Akerson graduated from the US Naval Academy with a B.S. in Engineering, and achieved a Master's degree in Economics from the esteemed London School of Economics. He's served on numerous boards, held the CEO/president title at numerous corporations including Nextel and XO Communications, managed over $50 billion in assets as managing director of The Carlyle Group, and is well known for his philanthropic efforts with Habitat for Humanity among others. But it's his work for GM that is his crowning achievement. Akerson joined GM's board amongst the bankruptcy in 2009, and was named president and CEO on September 1, 2010. GM emerged from bankruptcy and the Initial Public Offering with 15 consecutive quarters of profitability, numerous awards for vehicle quality, and the reinvestment of $9 billion and created/retained 25,000 jobs (more on this in a second).
While it is sad to see such a formidable leader go, Akerson will step down as of January 15th to care for his ailing wife who has been diagnosed with an advanced stage of cancer. Mary Barra, executive vice president (Global Product Development, Purchasing and Supply Chain), was elected by the Board of Directors to succeed him as the next CEO. Tim Solso, former Chairman and CEO of Cummins, Inc who has been on the board since 2012, will take Akerson's place on the board as Chairman. Dan Amman, executive vice president and CFO, will be the new president and retain his CFO duties until early 2014. Mark Reuss, executive vice president and president, North America, will replace Barra as executive vice president, Global Product Development, Purchasing and Supply Chain.
Government Motors No More!
As of December 9th, the US Treasury has sold its remaining shares of GM. The pie graph below demonstrates the current ownership is 83.6% individuals and institutions, while 9.2% is the property of the United Auto Workers Retiree Medical Benefits Trust and 7.2% belongs to the Canadian government and the Province of Ontario.
Three GMs Nominated for Quality Awards
A jury of 48 automotive journalists has nominated the 2014 Chevrolet Corvette Stingray, Silverado full-size pickup, and Cadillac CTS sedan for the 2014 North American Car and Truck of the Year. Winners will be announced at the North American International Auto Show on January 13, 2014.
GM Bailout Spared 1.2 Million Jobs
While highly criticized, the US government bailout of GM spared 1.2 million jobs according to a new study by the Center of Automotive Research. "The infusion of money into GM and Chrysler by the administrations of Presidents George W. Bush and Barack Obama avoided loss to the U.S. of $105.3 billion in transfer payments and personal and social insurance tax collections. Additionally, 2.6 million jobs were saved in 2009 alone and $284.4 billion in personal income was preserved over 2009-2010."