General Motors Elects CEO Mary Barra as Company’s Chairman


General Motors Co.’s board elected Chief Executive Officer Mary Barra as the company’s chairman, effective immediately. Barra became the biggest U.S. automaker’s first female CEO almost two years ago.

Barra, who has spent her entire career at the Detroit-based company, succeeds Tim Solso, who will remain on the board as lead independent director, the company said in a statement.

Much of Barra’s first year as the company’s top executive was consumed by the ignition-switch defect that killed 124 people. But GM proceeded to make a number of strategic decisions, such as pulling out of Russia and ending Chevrolet operations in Europe. Earlier Monday, GM announced it will invest $500 million in ride-hailing startup Lyft Inc.

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SOURCE: Bloomberg, David Welch