General Motors announced today that Chris Liddell has been named vice chairman and chief financial officer for the Detroit automaker. Liddell was most recently CFO of Microsoft, a position he held since May 2005. “Chris brings a depth and experience to this job that were unmatched in our search for a new financial leader,” said [...]
GM has narrowed its search to two candidates to replace CFO Ray Young and according to Automotive News, a decision may come as early as the end of the year. Both candidates are from outside the auto industry and are from a pool of seven executives chosen with the assistance of executive search firm, Crist [...]
It was reported last month that General Motors CFO Ray Young is expected to leave the company in the coming weeks. While GM hasn’t confirmed anything yet, Reuters reports that sources told the publication that GM directors in September backed a plan for CFO Ray Young to leave the company. However, The Wall Street Journal [...]
During General Motors’ 90-day progress report yesterday, CEO Fritz Henderson said that GM has about 10,500 more U.S. workers than called for by year’s end under its previously stated turnaround plan. Since it came out of bankruptcy three months ago, GM has cut its U.S. hourly workforce by 21 percent and salaried ranks by 18.2 [...]
Ray Young, General Motors Company’s Chief Financial Officer, is expected to leave the company in the coming weeks, sources familiar with the matter said. Insiders told the media that his departure is a part of a shake-up of the company’s finance department. Spokesman Chris Preuss declined to comment and Young would not replay to an [...]
General Motors Company announced today the formations of its new executive committee that will lead the new GM, which recently came out of bankruptcy. The Detroit automaker also announced a number of leadership appointments and retirements. “With these announcements, most of the new GM leadership team is in place,” Henderson said. We expect to have the final [...]
Coming out of bankruptcy known as the new General Motors Company, GM has filed its first public disclosure with the U.S. Securities and Exchange Commission. According to the filing, GM’s new board members will be paid a salary of $200,000 and if applicable, $10,000 for service as a chair of any board committee; $20,000 for [...]
According to General Motors Company’s Chief Financial Officer, Ray Young, the automaker could start using proceeds from an initial public stock offering by as soon as 2010 to pay back some of the money it owes the governments of the United States and Canada. He said that GM would move toward positive cash flow and profitability [...]
After filing for bankruptcy reorganization that will be largely financed by U.S. taxpayers, General Motors said that as a private automaker (that will emerge from its Chapter 11 filing) it will release less financial information to the public. “As a privately held company, it’s likely we’re not going to disclose information except to the shareholders,” [...]
GM President and CEO Fritz Henderson will hold a press conference later today at 9 a.m. EDT to update the media on GM’s revised viability plant. GM did not say exactly what Henderson will talk about; however, we can expect announcements on more job cuts, plant closing and maybe the elimination of the Pontiac brand. [...]
