The General Motors Board of Directors has recently announced that it has unanimously elected Mary Barra as its next Chairman, effective immediately. She succeeds Theodore (Tim) Solso, who will continue serving as the Board's Lead Independent Director.

Barra has served as GM CEO since Jan. 15, 2014.

"At a time of unprecedented industry change, the Board concluded it is in the best interests of the company to combine the roles of Chair and CEO in order to drive the most efficient execution of our plan and vision for the future," said Solso. "With GM consistently delivering on its targets and on track to generate significant value for its shareholders, this is the right time for Mary to assume this role."

Solso indicated Barra has set a clear vision for the organization over the past two years, formed a strong leadership team from inside and outside the company, delivered strong operating results and led the introduction of breakthrough vehicles and technologies.

"The Board has improved the overall governance of the company over the past two years and as Lead Independent Director, I expect to continue to build on this solid foundation," Solso said. "The Board also plans to broaden its active engagement with shareholders as we go forward."

Said Barra: "I am honored to serve as Chair of the Board of Directors. With the support of our Board, we will continue to drive shareholder value by improving our core business and leading in the transformation of personal mobility."

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