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 Ed Whitacre, GM chairman and CEO. “Chris will lead our financial and accounting operations on a global basis and will report directly to me. We’re also looking to his experience and insights in corporate strategy as a member of the senior leadership team in helping our restructuring efforts.”

Liddell, 51, will start with GM in the new year. He will be leaving Microsoft on December 31, 2009.

Before joining Microsoft, Liddell was CFO of International Paper Co., the world’s largest forest products company, with similar responsibilities. Before that he was CEO of Carter Holt Harvey Ltd., then New Zealand’s second-largest listed company. He also has worked as an investment banker as managing director and joint CEO for CS First Boston NZ Ltd.

Liddell will replace Ray Young, who will become vice president of International Operations.

- By: Omar Rana

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 Kolder Associates.

The Board had endorsed plans in early September for Young to vacate the position and there are rumors of him assuming a post with GM’s international operations, though GM declined to comment.

The search was hindered by U.S. pay czar Kenneth Feinberg’s salary caps. GM Chairman Ed Whitacre, who was appointed by the government after they sponsored the bailout, has advised a reconsideration of Feinberg’s limits given the difficulty they impose on the search for a quality executive.

- By: Stephen Calogera

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 said that a bid to find a replacement for Young is being complicated by pay restrictions imposed on companies that received a large sum of U.S. government bailouts.

According to insiders, GM executives met with U.S. Treasury pay czar Kenneth Fienberg who said that the automaker would be able to offer a significant amount of stock and no more than $1 million in annual salary.

Spokesman Tom Wilkinson declined to comment but said that the automaker is “consistently said that one challenge to filling any position from outside might be the pay restrictions.”

- By: Omar Rana

Source: Reuters

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 percent.

“We need to make additional reductions,” said Tom Wilkinson, a GM spokesman.

The extra positions are currently held by hourly workers since GM recently decided to add shifts to assembly plants.

As for GM’S executive committee, GM’s U.S. head of sales Mark LaNeve will leave the company on Oct. 15 and will be replaced by Susan Docherty. As for previous reports on General Motors’ Chief Financial Officer Ray Young leaving the company in a couple of weeks, Fritz said: ”Ray’s our CFO. I read the rumors like you do.”

Which we’re guessing means that Ray isn’t going anywhere.

- By: Omar Rana

Source: Free Press

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 e-mail by the Detroit News seeking comment. Sources say that GM has already hired a search firm to find Young’s replacement.

His departure is one of the several possible changes among top executives, and the board is also reviewing other positions. The move shows a strict control being applied by GM’s new board of directors, headed by Chairman Ed Whitacre.

It was reported last week that Whitacre is “frighteningly direct” with GM’s top-level executives. He said if progress in sales, market share and profitability don”t come soon, heads could roll in the next two or three months.

- By: Omar Rana

Source: Detroit News

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 round of announcements next week.”

On July 10, Fritz Henderson, GM president and CEO, announced that GM would speed day-to-day decision making by replacing two senior leadership forums, the Automotive Strategy Board and Automotive Product Board, with a single, smaller executive committee. Led by Henderson, the executive committee membership will include:

Click through for the whole list.

New Executive Committee:

- Bob Lutz, vice chairman, marketing and communications;
- Tom Stephens, vice chairman, global product development;
- Nick Reilly, executive vice president, GM International Operations;
- Ray Young, executive vice president, chief financial officer;
- Tim Lee, group vice president, global manufacturing and labor relations;
- John Smith, group vice president, corporate planning and alliances, and secretary of the executive committee;
- Mark LaNeve, vice president, U.S. sales;
- Bob Socia, vice president, global purchasing and supply chain.

Leadership Appointments and Retirements

Tim Lee, currently GM North America vice president, manufacturing, will become a group vice president, responsible for global manufacturing and labor relations. Prior to his current assignment, Lee, 58, was GM Europe vice president of manufacturing. He has also served as executive director of manufacturing engineering, as plant manager at several U.S. facilities, and in several leadership positions at Isuzu Motors in Japan.

Gary Cowger, group vice president, global manufacturing and labor relations, will retire at the end of the year. Until then, at Henderson’s request, Cowger will assume responsibility for the integration of Delphi facilities being acquired by GM and for the preparation and launch of a new battery assembly facility, details of which will be announced in the near future. Cowger, 62, joined GM as a co-op student at the Kansas City, Kansas plant, and served in various manufacturing and leadership roles in the U.S., Mexico and Europe, including chairman and managing director of Adam Opel AG and president and managing director of GM de Mexico. Prior to his current assignment, Cowger was president of GM North America.

Terry Kline, currently process information officer, product development, will be named vice president, information systems and services, and chief information officer. Kline, 47, joined GM in 2001 from New Venture Gear, where he was vice president and chief information officer. He has also served as executive director, global product development for information systems and services, and as interim chief information officer for GM Asia Pacific.

Ralph Szygenda, group vice president and chief information officer, will be retiring effective October 1. Szygenda, 60, joined GM in 1996 as vice president and chief information officer from Bell Atlantic, where he was vice president and chief information officer. Prior to that, Szygenda held a number of positions at Texas Instruments, including vice president for information systems and services and chief information officer. He also served as vice president and general manager of TI’s Enterprise Systems Business Unit.

Troy Clarke, group vice president and president, GM North America, will retire effective October 1. Clarke, 54, joined GM in 1973 as a co-op student at Pontiac Motor Division, and has served in a number of leadership positions at GM, including group vice president and president of GM Asia Pacific, group vice president of manufacturing and labor relations, and president and managing director of GM de Mexico. Henderson will assume responsibilities for GM’s North American operations.

Maureen Kempston Darkes, group vice president, GM Latin America, Africa and Middle-East, will retire at the end of this year. Kempston Darkes, 60, previously served as president and general manager of GM Canada. She also held a number of legal and finance positions in both the U.S. and Canada, including general counsel and secretary, and vice president for corporate affairs, both for GM Canada. Oversight of the countries in GM’s LAAM region will move to the GM International Operations, based in Shanghai.

Michael Grimaldi, GM Vice President and CEO GM Daewoo, will retire effective October 1. Grimaldi, 57, previously served as president and general manager of GM Canada, general manager, Field Sales, Service and Parts – North America VSSM and Vehicle Line Executive for Full Size Trucks. He also held a number of finance and planning positions. A replacement for Grimaldi will be announced by International Operations.

Sales and Marketing Appointments

In the GM Sales and Marketing organizations, the following appointments have been announced:

As previously confirmed, Mark LaNeve, has been named vice president, U.S. sales, reporting to Henderson.

Brent Dewar, 54, currently GME vice president, sales, marketing, and aftersales, will become vice president, global Chevrolet brand. He will be responsible for the Chevrolet brand in North America and Chevrolet brand coordination on a global basis.

Susan Docherty, 46, currently North America vice president, Buick-GMC channel, will be named general manager, Buick-GMC brands.

Bryan Nesbitt, 40, currently North America vice president, design, will become general manager, Cadillac brand.

Jay Spenchian, 50, currently executive director, marketing strategy support group, will continue in his role.

Dewar, Docherty, Nesbitt, and Spenchian will report to Lutz, effective August 1.

Jim Bunnell, 54, currently executive director, sales support group, will be named general manager, sales operations.

Steve Hill, 49, currently general sales manager, premium channel, will be named general manager, retail sales support.

Kurt McNeil, 45, currently general sales manager, Chevrolet sales, will continue in this role.

Ed Peper, 47, currently GM North America vice president, Chevrolet channel, will be named general sales manager, Cadillac sales.

Brian Sweeney, 42, currently general sales manager, Buick-GMC sales, will continue in his role.

Bunnell, Hill, McNeil, Peper, and Sweeney will report to LaNeve, effective August 1.

Jonathan Browning, 50, currently GM Vice President, Global Sales, Service and Marketing, has elected to leave the company on October 1 to pursue other interests. He will not be replaced and his staff will be merged into the North America and GMIO operations.

- By: Omar Rana

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 service on the audit committee, and $150,000 as board chairman.

According to the spokeswoman Renee Rashid-Merem, the old GM was paid roughly the same salary before having its board member pay reduced to $1.

GM’s CEO Fritz Henderson will be paid $1.26 million in 2009, which is about 27% less than he made in 2008; CFO Ray Young will make $720,000, about 15% less than he made 2008; Controller Nicholas Cyprus will be paid $522,000, which is about 8% less than what he was paid in 2008.

The Obama administration put salary restrictions on General Motors as part of its conditions to help keep the company alive and viable.

- By: Omar Rana

Source: Free Press

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 quicker than planned if U.S. auto sales recover in 2010.

“Naturally we would love to go faster and I’m sure the new GM board will push us to see whether we can accelerate these plans and actions,” Young told Reuters. “We’re forecasting some modest recovery in 2010 in the United States but at this juncture it’s hard to predict what will happen in 2010.”

The new General Motors Company is owned 60.8 percent by the U.S. Treasury and 11.7 percent by the government of Canada and Ontario. GM also owes $8 billion to the U.S. and Canadian governments under loans that mature in 2015.

“To the extent that we do an IPO, whereby, let’s say the government sells some of their shares but we also issue some new shares, those proceeds could be used to repay part of the US Treasury and Canadian government loans,” Young said.

- By: Omar Rana

Source: Reuters

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,” Ray Young, GM chief financial officer, told reporters on Tuesday.

Young said that the ‘New GM’ is expected to eventually go public again and will resume releasing financial reports as it once did. 

“We do not have to file all of the same documents that we do when we are a public company,” GM Chairman Kent Kresa said on the day the company filed for bankruptcy. ”We’re going to keep that transparency exactly the same.”

GM has lost more than $80 billion in the past four years and is surviving on the $19.4 billion in government loans. It recently received $15 billion of the $30 billion it will get in bankruptcy reorganization.

- By: Omar Rana

Source: Free Press

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.

Henderson will be joined by CFO Ray Young; group vice president and president GM North America Troy Clarke, GM North America; and GMNA vice president, vehicles sales, servicing and marketing Mark LaNeve.

We will bring you live video coverage at 9 a.m. so make sure you join us then.

- By: Kap Shah

GM’s Chief Financial Officer Ray Young said today that the automaker does not expect to make a $1 billion debut payment by June 1 – the deadline that the Obama administration has imposed on the Detroit automaker to restructure or file for bankruptcy.

Young said that GM will most likely miss the payment because the bond exchange offer to its bondholders is expected to be pending come June 1. Of course if GM cannot convince bondholders to make an exchange GM will be forced to file for Chapter 11 before their deadline.

Fritz Henderson is working to cut GM’s $28 billion in unsecured debt to less than $9.2 billion. GM also needs concessions from the UAW.

Source: Detroit News

- By: The Daily Auto Editor

Earlier this morning General Motors said that it will not be needing the $2 billion of funding that the Detroit automaker asked for in its February 17th viability plan. GM has just released a video of its Chief Financial Officer Ray Young clearing up the matter for us and letting us know what has changed since General Motors initial request.

Young also gives us an update on GM’s relationship with the auto task force. He also touches on the subject of today’s news of the CAW ratifying a new agreement with GM Canada.

Any guesses on why Young looks so tired in this video?

Click through to watch the video.

- By: Omar Rana

Source: GM FastLane Blog