Global Economics

New Acting CFO Named at GM

On Tuesday, General Motors (GMannounced a new acting global CFO for the company. John Stapleton will assume the role of acting global chief financial officer for the auto manufacturer on August 15th.

Until recently, the position of global CFO was held by Dhivya Suryadevara. Suryadevara plans to move out of the automotive industry to pursue other opportunities with payment company Stripe as their new CFO. The chairman and CEO of GM, Mary Barra, noted that Suryadevara played a crucial role in strengthening revenue and cost structures within the company.

Stripe, established in 2010 as a software as a service (SaaS) and financial company, focuses on delivering payment processing software and application programming interfaces for those in the mobile and e-commerce sector. Stripe has been conducting a recent whirlwind of new hires as it plans to further strengthen itself within the e-commerce industry. Both Trish Walsh from Voya Financial and Mike Clayville from Amazon Web Services have recently joined the Stripe team as well. Earlier this year, Stripe was noted as raising $600 million in funding and was valued at $36 billion.

New acting global CFO John Stapleton has been with GM since 1990, where he has continued on an upward trajectory until reaching his current position of North America CFO in January of 2014. Stapleton will remain in the new global CFO position until GM locates a new permanent replacement. The auto manufacturer is conducting both internal and external company searches to fill the role.

At the time of this article’s writing, GM stock was up 3.14% to $28.8599.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Trader Buzz). I have no business relationship with any company whose stock is mentioned in this article.


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