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GM names new CEO day after last government shares sold

Dec 10, 2013, 2:00 PM EDT

Mary Barra, Senior VP of General Motors Global Product Development, speaks near a 2014 Corvette Stingray at the North American International Auto Show in Detroit Reuters

We ordinarily don’t touch too much on the automotive sector here on MotorSportsTalk, but two big pieces of news regarding General Motors have just come down in the last 24-plus hours.

Via CNBC, on Monday the U.S. Treasury Department sold its final shares, and announced it had recovered $39 billion of the $49.5 billion it had spent to save the major U.S. automaker. While still a $10.5 billion loss, the alternative was potentially more than 1 million jobs lost and an economy that would have plunged into depression, instead of a recession, U.S. Treasury Secretary Jack Lew told reporters.

Just this morning, GM has announced Mary Barra as its new CEO, replacing Dan Ackerson. Barra, 51, is the auto maker’s first female CEO and has spent 33 years with the organization. She is currently the senior vice president of global product development.

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