General Motors has promoted product development chief Mary Barra to the post of CEO.

Mary Barra replaces Daniel Akerson, and is the first woman to run a US carmaker.

Daniel Akerson, who is also currently chairman of GM, will leave both of his posts in mid-January. His wife has recently been diagnosed with advanced cancer.

Earlier this week the US government sold its remaining shares in GM, the world’s second biggest carmaker.

General Motors has promoted product development chief Mary Barra to the post of CEO

Overall, GM lost around $10 billion on its bailout of the carmaker in the aftermath of the financial crisis in 2008 and 2009.

The US Treasury spent $49.5 billion bailing out GM, and took a 61% stake in the company.

Mary Barra has been in charge of design and engineering, and before that was head of human resources at the company.

She joined GM as a student in 1980.

In a message to the company’s employees on Tuesday, Daniel Akerson said: “I will leave with great satisfaction in what we have accomplished, great optimism over what is ahead and great pride that we are restoring General Motors as America’s standard bearer in the global auto industry.”

Current CFO, Dan Ammann, was named GM president. He will also take responsibility for the Cadillac and Chevrolet brands.

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