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Chevrolet's global chief marketing officer Tim Mahoney to retire

Chevy's global chief marketing officer (CMO) Tim Mahoney will step down on March 1, according to GM's statement to Ad Age.

The news comes after GM's plan to reduce 15% of its employees as part of a broader cost-cutting plan, was announced. No replacement has been named so far.

During his tenure, Mahoney lead initiatives like the brand's "Find New Roads" marketing platform. He was also named as Forbes' third most influential CMO.

Prior to this, he worked as chief product and marketing officer at Volkswagen of America and had also worked at Subaru of America and Porsche Cars North America.