CEO Dan Akerson to exit General Motors as early as 2014

Article by Anita Panait, on November 17, 2013

Dan Akerson could step down as chief executive of General Motors Co. as early as 2014, Reuters reported, citing people privy with the matter. GM's board, however, is not in a rush to have Akerson depart and has yet to set a timeframe for hiring an executive search firm that will look for potential CEO candidates, whether from inside the carmaker or from outside, one of the sources familiar with the board’s thinking told Reuters.

Speculations about Akerson’s exit from GM gained momentum in April 2013 when the carmaker disclosed in a securities filing that the CEO’s compensation plan had changed. According to the filing, GM did not award Akerson any restricted stock units in 2012 "in acknowledgement of the possibility of his retirement before the completion of the three-year vesting period," which would be in 2015. Four senior GM executives are rumored to be the main candidates to replace Akerson.

Reported to be a heavy favorite is North American operations chief Mark Reuss. The board is expected to launch an official search once Akerson formalizes his exit plans, according to the person familiar with the board's thinking." He said that at some point, Akerson will decide “he has done what he has wanted to do and will step down.” 

GM representatives remarked that the US carmaker has succession plans in place, but gave no details. GM's head of communications Selim Bingol said that they are “very comfortable” with their succession planning, which is in place for all the company’s key officers.

GM named Akerson as CEO just before it went public on November 2010, following a $49.5-billion federal bailout and bankruptcy reorganization.  Executives at Peugeot, a GM partner, believe that Akerson will exit from the US carmaker next year, and will not stay beyond 2015, according to people privy with the discussions between the two companies.

Topics: dan akerson, gm, ceo

If you liked the article, share on:

Pin It

Comments

Recommended

In a leaked image following a presentation held in China, we learned that Czech automobile manufacturer Skoda will soon unveil 2 more new SUVs in China, resulting in a four-model...
by - March 24, 2017
McLaren is said to be designing the next generation of Sports Series, which could include a V6 hybrid among its powertrain options. It was earlier reported that the British automaker...
by - March 24, 2017
To the proud owners and owner-to-be of the Porsche 991 Carrera GTS, there's good news for you all. German automobile manufacturer Porsche recently confirmed to the public that the Porsche...
by - March 23, 2017
McLaren diehards, this is the moment that you're all waiting for. The British automaker recently publicized the teaser outline of its new automobile that will hit the streets soon, dubbed...
by - March 23, 2017
PSA seems very confident about conquering the world. The purchase of Opel/Vauxhall for €2.2 billion ($2.3B) from General Motors makes PSA the second largest car company, just behind the Volkswagen...
by - March 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries