Market Overview

General Motors CEO Could Be Leaving in 2014

General Motors CEO Could Be Leaving in 2014

Reuters has reported that Dan Akerson could be leaving his position as Chief Executive Officer at General Motors (NYSE: GM) as early as next year.

The 65-year-old joined GM in 2009 when he was named to the board of directors as a representative of the U.S. Treasury, which owned a 61 percent stake in the company at the time. Akerson became the company's CEO in September 2010.

Akerson previously held top ranking positions at General Instrument, Nextel and ran the largest private equity fund at The Carlyle Group (NYSE: CG).

Speculation began to surface of Akerson leaving GM in April when the company disclosed a change in compensation, which was disclosed in a securities filing. Akerson was not awarded any restricted stock units last year “in acknowledgement of the possibility of his retirement before the completion of the three-year vesting period,” which would be in 2015.

Reuters named Mark Reuss as the most likely successor to Akerson. Reuss has been president of General Motors North America since 2009 and began his career with the company as a student intern in 1983.

The company's head of communications Selim Bingol commented on the company's succession plans but offered no further details: “We're very comfortable with our succession planning, which we have in place for all key officers.”

The U.S. Treasury is widely expected to sell off all remaining interests in the company in early 2014, if not sooner.

Posted-In: Dan Akerson General Motors Mark ReussNews Management Best of Benzinga


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