GM Names Mary Barra as Next CEO

Barra, 51, will become the first woman to head a U.S. car company.
3:00 | 12/10/13

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Transcript for GM Names Mary Barra as Next CEO
You're watching ABC news digital business reports -- everyone I'm Dan Cutler and New York. Straight to our top story General Motors announcing today that they will name a new CEO Mary Barra shall be replacing the current CEO Dan acres and -- he retires next year. Barra will be the first woman chief executive of a major automotive firm and has spent her lifetime. General Motors. Now according to a statement released by -- -- -- the company since the age of eighteen she is currently the executive vice president of global product development and global purchasing long supply chain. So for the bat. I want to bring in -- -- from Yahoo! finance and Lauren just a day -- the Treasury Department so the last of its interest in General Motors and now this major announcement. An allotment isn't it GM department right -- and turned and acres -- departure. -- company as saying that essentially he pulled up his succession plan after he recently learned that his wife was diagnosed with late stage cancer obviously that's very tragic. We wish them both the -- That that is in the line that the company is touting in terms of why this announcement and why now obviously it comes on the heels and Uncle Sam essentially unloading the rest of its stake in G and so we the taxpayers are now not owners of the company and so that was the news that have fallen in terms of Mary -- -- She's been at the company for 33 years -- -- and already she's the highest ranking female reportedly in automotive industry and now shall be the first CEO. I she's how to a lot of recent wins act GM according to recent reports. DM -- Who knew the 2014 and Paula is reportedly great this is when that part she's ever seen its debut in its. Consumer reports car of the -- says that's just one of -- example of -- of -- recent achievements. Oftentimes as we look at -- successors for CEOs as they have been potentially -- -- over the years. If they have been lifers at a company -- had that -- the track for mayor in. I don't know but one of the things today -- I I read Atlanta reports Wednesday acres and it kind of -- And talking about this a little bit for some time and he -- seeing day that seeing their view woman leader in not noted in history and kind of this sounding a little bit like he was. I hinting advance obviously she's been -- the company a long time and she's an executive VP and has. -- and prominent position and I don't know too much the inner workings of what her rise was -- within -- company and I'm sure we will find out is as. Many people are poring -- this recent announcement -- -- -- this morning.

This transcript has been automatically generated and may not be 100% accurate.

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