8-KLeadership Changes

General Motors Co 8-K Report, Executive Changes (Aug 11, 2020)

Filed August 11, 2020For Securities:GM

Summary

General Motors Co. (GM) announced a significant change in its financial leadership with the departure of Executive Vice President and Chief Financial Officer (CFO), Dhivya Suryadevara, effective August 15, 2020. Suryadevara is leaving to pursue an external opportunity. This transition introduces John P. Stapleton as the acting CFO, who brings extensive experience from his tenure as GM North America CFO since 2014 and a career at GM dating back to 1990. Investors should note that GM is initiating a search for a permanent CFO. Stapleton's appointment is accompanied by a modest salary and bonus increase, as well as a one-time grant of $1,000,000 in performance share units under the 2020 LTIP, reflecting his new, elevated responsibilities. The company has confirmed no reportable related-party transactions or arrangements involving Mr. Stapleton.

Key Highlights

  • 1Dhivya Suryadevara is stepping down as Executive Vice President and Chief Financial Officer (CFO).
  • 2John P. Stapleton has been appointed as the acting CFO, effective August 15, 2020.
  • 3Stapleton has a long history with GM, serving as CFO of GM North America since 2014.
  • 4GM will conduct both internal and external searches for a permanent CFO.
  • 5The acting CFO, John P. Stapleton, will receive a salary and bonus increase.
  • 6Stapleton will be granted $1,000,000 in performance share units under the 2020 LTIP on October 1, 2020.
  • 7There are no disclosed conflicts of interest or related-party transactions concerning Mr. Stapleton's appointment.

Frequently Asked Questions

Dhivya Suryadevara is leaving GM to pursue an external opportunity, as stated in the filing.

John P. Stapleton has been appointed as the acting CFO, effective August 15, 2020, taking over from Dhivya Suryadevara.

John P. Stapleton has been with GM since 1990 and most recently served as the CFO of GM North America since January 2014. He has held various finance roles throughout his career at the company.

Yes, GM will conduct an internal and external search for a permanent CFO. The filing does not specify a timeline for this search.

John P. Stapleton will receive a modest increase in salary and bonus potential commensurate with his new responsibilities. Additionally, he will receive a one-time grant of $1,000,000 in performance share units on October 1, 2020.