GM’s CFO, Ray Young, to leave the company in the coming weeks

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