Summary
General Motors Co. (GM) announced a significant leadership transition in its finance department via an 8-K filing on June 15, 2018. Charles K. Stevens III, the current Executive Vice President and Chief Financial Officer, has decided to retire effective March 1, 2019. He will transition out of his CFO role on September 1, 2018, and then serve as an advisor until his retirement. Concurrently, the Board of Directors has appointed Dhivya Suryadevara as the successor to Mr. Stevens, effective September 1, 2018. Ms. Suryadevara, aged 39, brings a wealth of experience from various senior finance roles within GM, including Vice President of Corporate Finance, Vice President of Finance and Treasurer, and CEO of GM Asset Management. Her appointment marks a move to elevate internal talent to a critical executive position, and details regarding her compensation package have been disclosed.
Key Highlights
- 1Charles K. Stevens III, Executive Vice President and CFO, announced his retirement effective March 1, 2019.
- 2Mr. Stevens will step down as CFO on September 1, 2018, and transition to an advisory role until retirement.
- 3Dhivya Suryadevara appointed as the new Executive Vice President and CFO, effective September 1, 2018.
- 4Ms. Suryadevara, 39, has held several key finance roles at GM, including VP Corporate Finance and VP Finance & Treasurer.
- 5Her compensation package includes a base salary of $900,000, target STIP of 125%, and significant LTIP awards in performance share units and stock options.
- 6A one-time grant of performance share units and stock options will be awarded to Ms. Suryadevara on October 1, 2018.
- 7The filing was made on June 15, 2018, with the event date of the Board meeting being June 12, 2018.