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.