- Push-out Score suggests push-out forces
- After about five years in the position
- Praise and thanks for Stevens
- Dhivya Suryadevara taking over
(exechange) — Detroit, Michigan, June 13, 2018 — Chuck Stevens, finance chief of General Motors, leaves the position. As announced by General Motors Co. in a news release on Wednesday, June 13, 2018, Charles K. (Chuck) Stevens leaves his post as Chief Financial Officer at the vehicle manufacturer after about five years in the role, effective September 1, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.7 years, according to data compiled by exechange.
Stevens leaves the company effective March 1, 2019.
Stevens’s duties will be taken over by Dhivya Suryadevara, currently vice president, Corporate Finance of General Motors Co.
No reason given
In the announcement, General Motors did not explicitly explain the reason for Stevens’s move, leaving room for speculation.
Precise information about Stevens’s future plans was not immediately available.
General Motors said: “Chuck Stevens, GM executive vice president and Chief Financial Officer, has indicated his plans to retire after more than 40 years with the company, effective March 1, 2019.”
Share price rise since June 2016
The change follows a rise in the share price of General Motors Co. since June 2016.
Chaired by Mary T. Barra
General Motors Co. is chaired by Mary T. Barra.
Mary Barra is Chairman and Chief Executive Officer of General Motors Company. She was elected Chairman of the GM Board of Directors on January 4, 2016, and has served as CEO of GM since January 15, 2014.
In the position of CFO since 2014
Chuck Stevens was named executive vice president and chief financial officer of General Motors effective January 15, 2014.
Stevens is responsible for leading the company’s financial and accounting operations on a global basis.
Stevens was previously CFO of GM North America since January 2010.
He led GM’s financial operations for U.S. Sales, Service and Marketing, GM Canada, GM de Mexico, North America Manufacturing, Customer Care and Aftersales, and OnStar.
He was also interim CFO of GM South America from December 2011 to January 2013.
Stevens began his career with GM in 1978 at Buick Motor Division and in 1993 moved to GM’s corporate headquarters.
The following year Stevens was appointed finance director of GM Shanghai and was instrumental in the creation of the SAIC and GM joint venture.
He held several leadership positions in GM’s Asia Pacific region from 1994 through 2005 including in China, Singapore, Indonesia and Thailand.
He returned to North America in late 2006 as CFO for GM Canada and became CFO of GM de Mexico in 2008.
Stevens earned a master of business administration degree from the University of Michigan-Flint and a bachelor of industrial administration degree from General Motors Institute (Kettering University).
He also serves as a member of the University of Michigan Ross School Advisory Board, and joined Masco Corporation’s board of directors on February 1, 2018.
Stevens will remain with the company as an advisor until his retirement.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chuck Stevens’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 25.2018 ($).