The day after the U.S. Treasury announced it had sold the last of its GM shares, the company said in a statement that Akerson, who is also the chairman, will leave on January 15, moving forward his planned departure by several months. His wife was recently diagnosed with an advanced stage of cancer.
Barra, 51, GM’s executive vice president for global product development, purchasing and supply chain, was elected by the board as the next CEO and will become a director. Theodore Solso, 66, will succeed Akerson, 65, as chairman.
“I will leave with great satisfaction in what we have accomplished, great optimism over what is ahead and great pride that we are restoring General Motors as America’s standard bearer in the global auto industry,” Akerson said in a message to employees.
“My goals as CEO were to put the customer at the center of every decision we make, to position GM for long-term success and to make GM a company that America can be proud of again,” he added. “We are well down that path, and I’m certain that our new team will keep us moving in that direction.”
Under Akerson, GM had moved to eliminate some of its historic bureaucracy and inefficiencies, recovered its investment grade credit rating, and pared financial losses in its European business.
The U.S. Treasury’s exit on Monday was another sign that could clear the way for GM to restore a common-stock dividend, a move investors have been hoping for.