Daniel Akerson
{{Use mdy dates|date=November 2022}}
{{short description|Former chairman and CEO of General Motors}}
{{Infobox person
| image = Dan Akerson (6720557213).jpg
| image_size =
| caption = Akerson in 2012
| birth_name = Daniel Francis Akerson
| birth_date = {{birth date and age|1948|10|31}}
| birth_place = Oakland, California, United States
| death_date =
| death_place =
| other_names =
| boards = General Motors, American Express
| known_for = Former chairman and CEO of General Motors
| alma_mater = U.S. Naval Academy (BS)
London School of Economics (MS)
| occupation = Businessman
| spouse = Married
}}
Daniel Francis Akerson (born October 31, 1948) is the former chairman and CEO of General Motors, serving from 2010 to 2014. Akerson succeeded Edward Whitacre as CEO on September 1, 2010, and became chairman of the board on January 1, 2011. He was succeeded by General Motors CEO Mary Barra.{{Cite web|url=https://www.cnbc.com/2013/12/10/gm-names-mary-barra-as-new-ceo.html|title=GM caps busy week by naming Mary Barra as new chief|last=David|first=Javier E.|date=December 10, 2013|website=CNBC |language=en|access-date=February 21, 2020}} Akerson was a managing director of The Carlyle Group and head of global buyout prior to joining General Motors. He joined the General Motors board of directors on July 24, 2009. Akerson also serves on the boards of American Express and the U.S. Naval Academy Foundation,{{cite news|title=Daniel F. Akerson Corporate Bio|publisher=General Motors |url=http://www.gm.com/corporate/about/bios/akerson.jsp|date=January 1, 2011|access-date=February 22, 2011|url-status=dead|archive-url=https://web.archive.org/web/20101206200259/http://www.gm.com/corporate/about/bios/akerson.jsp |archive-date=December 6, 2010}} and in 2014 joined The Carlyle Group as a vice chairman and special advisor to the board of directors.
Personal life
Akerson was born in Oakland, California, grew up in Mankato, Minnesota, and attended Mankato West High school. He currently resides in McLean, Virginia. He holds a Bachelor of Science degree in engineering from the United States Naval Academy (Class of 1970) and a Master of Science degree in economics from the London School of Economics.{{cite web|title=Daniel Francis Akerson "Dan"|publisher=Bloomberg |url=https://www.bloomberg.com/profile/person/1401583|access-date=November 12, 2021}} Akerson served as an officer on a Naval destroyer from 1970-1975.
Akerson's maternal grandparents are German and his paternal grandparents are Swedish.{{cite web|last=James|first=Sheryl|title=Navigating Troubled Waters|url=http://www.hourdetroit.com/Hour-Detroit/October-2013/Navigating-Troubled-Waters/|work=Hour Detroit magazine|access-date=December 10, 2013}}
Career
Akerson joined MCI Inc. in 1983 where he served as the CFO for several years as well as president and chief operating officer.{{cite web |url=http://www.usna.com/page.aspx?pid=467 |title=Home - News16_10 - Lockheed Martin |website=Usna.com |access-date=July 11, 2017}} He left MCI in 1993 to become chairman and chief executive of General Instrument, where he succeeded former United States Secretary of Defense Donald Rumsfeld.{{cite news|title=MCI's President Quits in a Surprise Move|publisher=The New York Times, Edmund L. Andrews, August 12, 1993 |url=https://www.nytimes.com/1993/08/12/business/mci-s-president-quits-in-a-surprise-move.html
|first=Edmund L.|last=Andrews|date=August 12, 1993|access-date=April 30, 2010}}
In 1996, Akerson was hired to be the chief executive of Nextel. During his tenure as CEO, Nextel's revenues grew from $171.7 million in the year before his arrival to more than $3.3 billion in 1998. Shortly after stepping down as CEO of Nextel in July 1999, Akerson was brought in by Craig McCaw to run Nextlink Communications, later rebranded as XO Communications.{{cite news|title=Nextlink CEO Is on a Hot Streak|newspaper=The Washington Post|author= Rob Garretson|url=https://www.washingtonpost.com/wp-srv/WPcap/2000-06/26/004r-062600-idx.html |date=June 26, 2000|access-date=April 30, 2010}} XO Communications entered bankruptcy in June 2002, and Akerson resigned as CEO in December 2002.{{cite news|title=XO Chairman Akerson to Leave|newspaper=The Washington Post |url=https://pqasb.pqarchiver.com/washingtonpost/access/271761911.html?FMT=ABS&FMTS=ABS:FT&date=Dec+28%2C+2002&author=&pub=The+Washington+Post&edition=&startpage=E.03&desc=XO+Chairman+Akerson+to+Leave |date=December 28, 2002|access-date=July 6, 2017|archive-date=November 6, 2012 |archive-url=https://web.archive.org/web/20121106225318/http://pqasb.pqarchiver.com/washingtonpost/access/271761911.html?FMT=ABS&FMTS=ABS:FT&date=Dec+28,+2002&author=&pub=The+Washington+Post&edition=&startpage=E.03&desc=XO+Chairman+Akerson+to+Leave |url-status=dead}} Akerson joined The Carlyle Group in 2003.{{cite news|title=Carlyle Group Prepares for the Next Generation|newspaper=The Washington Post|url=https://www.washingtonpost.com/wp-dyn/articles/A50117-2005Jan30.html |first=Terence|last=O'Hara|date=January 31, 2005|access-date=April 30, 2010}}
While at The Carlyle Group, Akerson ran the company's largest private equity fund.{{cite web |author=David Welch |url=https://www.bloomberg.com/news/articles/2010-08-26/dan-akerson-takes-the-wheel-at-gm |title=Dan Akerson Takes the Wheel at GM|website=Bloomberg |date=August 26, 2010 |access-date=November 12, 2021}}
In July 2009, Akerson was named to the board of directors of General Motors as a representative of the U.S. Treasury, which at the time owned a 61% stake in GM.{{cite news|title=New GM Board Members Named |newspaper=The Washington Post |author=Terri Rupar|date= July 23, 2009|url=http://voices.washingtonpost.com/economy-watch/2009/07/new_gm_board_members_named.html|archive-url=https://web.archive.org/web/20110430002624/http://voices.washingtonpost.com/economy-watch/2009/07/new_gm_board_members_named.html|url-status=dead|archive-date=April 30, 2011|access-date=November 12, 2021}} On August 12, 2010, it was announced that Akerson would be the successor of Ed Whitacre as CEO of General Motors, starting September 1, 2010, and would also assume the Chairman of the Board position on January 1, 2011. During Akerson's first year of tenure in 2011, General Motors earned a record $7.6 billion in profit off of $150.3 billion in sales.{{cite news|title=G.M. Reports Big Profit; Europe Lags|work=The New York Times|date=February 16, 2012|access-date=February 16, 2012|url=https://www.nytimes.com/2012/02/17/business/gm-reports-its-largest-annual-profit.html?_r=1&hpw|first=Nick|last=Bunkley}} In December 2013, the U.S. Treasury sold its final remaining shares of GM common stock.{{Cite web|url=https://www.treasury.gov/press-center/press-releases/Pages/jl2236.aspx |title=Treasury Sells Final Shares of GM Common Stock|website=www.treasury.gov|access-date=August 21, 2019}}
In April 2013, investors began to speculate that the 64-year-old executive may be considering retirement. The speculation was based solely on changes to Akerson's compensation plan at GM.{{cite web|author=Zach Bowman |url=http://www.autoblog.com/2013/04/28/gm-alters-akersons-pay-mix-because-he-may-retire/ |title=GM alters Akerson's pay mix because he may retire |website=Autoblog.com |date=April 28, 2013 |access-date=July 11, 2017}}
On December 10, 2013, GM announced that Akerson will be replaced as CEO of GM by Mary Barra, effective January 15, 2014.{{cite web|author=Javier E. David |url=https://www.cnbc.com/2013/12/10/gm-names-mary-barra-as-new-ceo.html |title=GM names Mary Barra as new CEO |website=CNBC |date=December 10, 2013 |access-date=July 11, 2017}} It is reported that Akerson's retirement was expedited by his wife's advanced stage cancer;{{cite news |url=https://money.cnn.com/2013/12/10/news/companies/gm-ceo-mary-barra/index.html?hpt=hp_t2 |work=CNN |first=Aaron |last=Smith |title=GM names Mary Barra as new CEO |date=December 10, 2013}} however, on March 1, 2014, The Carlyle Group announced that Akerson rejoined the firm as vice chairman and special advisor to the board of directors.{{cite web |url=http://www.carlyle.com/news-room/news-release-archive/carlyle-group-names-daniel-akerson-vice-chairman-and-special-advisor |title=News Release Archive |website= The Carlyle Group |date= |access-date=July 11, 2017}} As of February 2014, Akerson serves on the board of directors at Lockheed Martin.
Political opinions
In August 2016, Akerson announced that he would—for the first time in his life—not vote for the Republican presidential candidate.{{cite news|last=Akerson |first=Daniel |url=https://www.washingtonpost.com/opinions/ive-always-voted-republican-until-now/2016/08/17/03a1b970-622d-11e6-96c0-37533479f3f5_story.html |title=I've always voted Republican. Until now. |newspaper=The Washington Post |date=August 17, 2016 |access-date=July 11, 2017}} In an op-ed piece for The Washington Post, Akerson excoriated Donald Trump on a wide range of issues, while praising Hillary Clinton.
References
{{Reflist}}
External links
- {{cite news|url= https://www.bloomberg.com/news/articles/2011-09-22/daniel-akerson-how-to-fix-american-manufacturing |title= Daniel Akerson: How to Fix American Manufacturing| author=Daniel Akerson| publisher=Bloomberg |date= September 22, 2011 |access-date=November 12, 2021}}
- {{C-SPAN}}
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{{succession box | before=Edward Whitacre Jr. | title= CEO of General Motors | after= Mary Barra| years= September 1, 2010, to January 15, 2014}}
{{succession box | before=Edward Whitacre Jr. | title= Chairman of General Motors | after= Tim Solso| years= September 1, 2010, to January 15, 2014}}
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{{American Express
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Category:American Express people
Category:The Carlyle Group people
Category:General Motors executives
Category:Businesspeople from Oakland, California
Category:Businesspeople from Minnesota
Category:People from McLean, Virginia
Category:United States Navy officers
Category:Alumni of the London School of Economics
Category:United States Naval Academy alumni
Category:People from Mankato, Minnesota