General Motors is closing a dark chapter in the company's history as the United States Treasury Department has sold its last shares in the automaker.

General Motors is closing a dark chapter in the company's history as the United States Treasury Department has sold its last shares in the automaker.

In a statement, General Motors CEO Dan Akerson said, “The U.S. Treasury’s ownership exit closes just one chapter in GM’s ongoing turnaround story. We will always be grateful for the second chance extended to us and we are doing our best to make the most of it." He added, “Continued investments, innovation, and job creation are just some of the 'returns' of a healthy GM and domestic auto industry. Our work continues uninterrupted, and we will keep our sights squarely on our customers and transforming the way we do business.”

Shortly after the announcement, Akerson confirmed he will step down as the General Motor's Chairman and CEO on January 15th, 2014. He will be succeeded by Mary Barra who will become CEO and Theodore Solso who will become the company's chairman.

In a message addressed to employees, 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."

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