Jim Cramer's Take On GM's Announcement of Mary Barra as Next CEO
Mary Barra, General Motors' (NYSE: GM) current head of worldwide product development, will replace Dan Ackerson as CEO.
As reported by CNBC's Phil LeBeau, historically, she is not only the first CEO of an automotive maker, but the world's largest automaker. Jim Cramer, host of CNBC's Mad Money and co-host of Squawk on the Street, weighed in on the announcement.
“This company has the most momentum or any car company I follow, with the possible exception of a couple of the German companies that are just doing great worldwide,” said Cramer.
“And the reason why I like this choice is she seems to be doing behind the scenes what Al Mulally did at Ford (NYSE: F), which is this one GM concept.”
Cramer noted that both companies had the shared problem of having too many brands, which equates to too many costly manufacturing processes.
While no official date has been announced, this is a job that Barra has stepped up to through years of hard work, with engineering, managing a plant, and streamlining efforts in human resources all on her resume at GM before achieving her current position. She not only lives and breaths the culture of GM, she helped define it, highlighted Squawk Box host Rebecca Quick.
“I also know that under he watch the Impala came out. People think the new Impala has been a big success. This is a dramatic change. GM has been doing so many things right. I think it's just one more great thing,” said Cramer.
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