GM Promotes CEO Mary Barra To Chairman

General Motors Company GM CEO Mary Barra just got a great vote of confidence from her peers on the automaker's Board: a promotion to the added role of Chairman of the Board.

As first reported in a mid-day report from Dow Jones, the CEO will soon be replacing current Chairman Theodore Solso, an executive who previously ran Cummins CMI, from the esteemed roles of Chair.

"At a time of unprecedented industry change, the board concluded it is in the best interests of the company to combine the roles of chair and CEO in order to drive the most efficient execution of our plan and vision for the future," Solso said in a statement. "With GM consistently delivering on its targets and on track to generate significant value for its shareholders, this is the right time for Mary to assume this role."

Barra has headed GM as CEO since January 2014.

Shares did not appear to move following the news. The stock has been trading down more than 2 percent for the majority of Monday's session, last checking in at $33.22.