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