General Motors CFO Chris Liddell to step down in April

March 10th, 2011 - 11:54 pm ICT by BNO News  

DETROIT, MICHIGAN (BNO NEWS) — General Motors Vice Chairman and Chief Financial Officer Chris Liddell on Thursday announced that he will step down on April 1.

Liddell, 52, announced his decision to leave the automaker company after completing the largest public offering (IPO) in history and stabilizing the GM’s financial operations. As CFO, Liddell is in charge of the company’s financial and accounting operations on a global basis.

“Chris was a major contributor during a pivotal time in the company’s history,” said Dan Akerson, GM chairman and CEO. “He guided the company’s IPO process and established a good financial foundation for the future.”

In addition, Liddell is recognized for his leadership over the last year noting four quarters of sustained profitability, a strengthened balance sheet and the elimination of material weakness in the financial reporting process.

“I came to General Motors to be part of something great. My objective was to help rebuild this iconic company and I am particularly pleased that through this process,” said Liddell.

Akerson added that Dan Ammann will succeed Liddell as General motors CFO effective on April 1. 38-year-old Ammann is currently GM’s vice president, finance and treasurer.

“Dan’s depth of knowledge of the financial community and our business will be instrumental as we continue to earn the trust of global investors and customers,” added Akerson. “As we move our financial strategy forward, his credibility and leadership will be invaluable.”

Since the inception of the new GM, Ammann has played a key role in the company’s financial decisions. In June 2009, GM and three wholly-owned subsidiaries filed bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of New York.

At that time, the company was the second-largest automotive manufacturer in the world. That same day ‘Old GM’ filed a motion to sell substantially all of its assets to a newly formed corporation, now known as General Motors Company (’New GM’).

Ammann has been actively engaged in setting the financial strategy and reducing debt. The current leader of GM Treasurer’s Office, based in New York, was also integral in the IPO process. Amman joined GM in March 2010.

“We’ve made great strides this last year in setting the financial strategy for the company,” said Ammann. “Chris and I have worked together very closely during this time and I am committed to a seamless transition and to building on what we started.”

A successor for Ammann in GM’s Treasurer’s Office will be announced at a later date.

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