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