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Sydnee Gatewood
Sydnee Gatewood
Articles (511) 

GM Announces Retirement of CFO

Executive will remain in advisory role until next March

June 13, 2018 | About:

After more than four decades with the company, General Motors Co. (NYSE:GM) announced on Wednesday that Chief Financial Officer Chuck Stevens is retiring.

Stevens, who has been with the company since January 1978, has served as CFO since 2014. During his tenure in this role, GM said he has pushed for stronger business partnerships and accountability, inspiring a cultural change among its finance team. Chairman and CEO Mary Barra also noted he has “played a crucial role in driving profitable growth” and was a “vital part” in the development and execution of the company’s core and future business strategies.

“Chuck has built a very strong team of financial leaders around the world who serve as important business partners across all markets and operations,” Barra said. “I personally want to thank Chuck for being a trusted advisor and for his significant contributions, dedication and commitment to GM throughout his career.”

GM said Stevens has also held regional CFO positions for North and South America as well as leadership roles in China, Singapore, Indonesia and Thailand.

While his retirement is not effective until March 1, 2019, Stevens will step into an advisory role starting in September. At that time, Dhivya Suryadevara, the current vice president of corporate finance, will succeed him as CFO of the U.S.’s largest automaker.

“Dhivya’s experience and leadership in several key roles throughout our financial operations positions her well to build on the strong business results we’ve delivered over the last several years,” Barra said.

In addition to her role in the acquisition of Cruise Automation, GM’s autonomous driving subsidiary, the company noted Suryadevara was most recently involved in Softbank’s (TSE:9984) investment in the business. She also had a hand in the sale of GM’s brand Opel to French carmaker PSA and the company’s investment in ride-sharing service Lyft.

Performance

In April, GM reported adjusted earnings of $1.43 per share on $36.1 billion in revenue for the first fiscal quarter of 2018.

After sales plummeted in the wake of the 2008 global financial crisis to around $104.6 billion, GM’s annual revenue has steadily recovered to roughly $145.6 billion in 2017, a growth rate of 1.5% per annum.

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Earnings before interest, taxes, depreciation and amortization have also grown substantially over the past five years, rising at a rate of 20.10% per year.

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Both GM’s financial strength and profitability and growth were rated 5 out of 10 by GuruFocus.

Stock price

Following the announcement, GM shares, which closed at $44.18 on Tuesday, initially fell before recovering on Wednesday morning to $44.32. GuruFocus estimates the stock has risen 5% year to date.

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Disclosure: No positions.

About the author:

Sydnee Gatewood
I am an editorial assistant at GuruFocus. I have a BA in journalism and a MA in mass communications from Texas Tech University. I have lived in Texas most of my life, but also have roots in New Mexico and Colorado. Follow me on Twitter! @gurusydneeg

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