After nearly 20 years as the boss of General Motors’ captive lender, GM Financial CEO Dan Berce will retire this April. He’ll be replaced by GM Financial CFO Susan Sheffield who’ll report to General Motors CFO Paul Jacobson.
“I’ve considered retirement probably in the last five or six years, but I was having so much fun and so engaged that I really kind of put it off,” Berce told Automotive News. “We have a lot of balls up in the air that I would love to see land and come to fruition, but at some point, it was time to step aside and let Susan and the rest of the team take over.”
Dan Berce
Berce was instrumental in building the financial services arm of General Motors into what it is today. He had previously been the CEO of subprime lender AmeriCredit since 2005, which was acquired by General Motors in 2010. Berce grew GM Financial into the exclusive lease provider for General Motors brands and added insurance and warranty products to the division’s offerings. According to a LinkedIn post by Paul Jacobson, the captive lender grew from about 3,000 employees and $1.4 billion in revenue to 9,000 employees and $15.9 billion in revenue from 2010 to 2024.
Berce credited cooperation with GM’s dealer network for the success of GM Financial during his tenure. “The dealers were a big part of the plan to make GM a full captive,” he said. “And we’ve got just a fantastic reciprocal, mutual relationship with our dealer base.”
As for Berce’s replacement, Susan Sheffield has been the subsidiary’s CFO since 2018 and has held other leadership roles in the division. Before her time with General Motors, she was in the corporate and commercial banking business for 13 years.
“Dan is a remarkable leader and friend. His stewardship has profoundly impacted our company, the GM enterprise, our industry, and the communities we serve,” Susan Sheffield said in a statement. “Dan’s legacy is defined not only by the creation and success of GM Financial but more importantly by the way he leads people – with honesty, integrity, and a commitment to his values.”
Comments
do not like people who not have the face clean of hairs, but seemed the guy made a huge career. and the basis of democracy, a great huge amount of money
Lemme get this straight… you have two candidates up for promotion. The first is a high performer with facial hair and the second is a lower performer but with a “face clean of hairs.”
Going by your worldview, you’re picking the second… right?
no… in my company … hire only blond girls with natural long hair, no make up, no ear rings no smoking …
I wonder if he got a 5:30 AM email that said he will retire.
DEI alphabet replacement down the line ?
Guess everyone is “retiring” at gm? Something going on over there.