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CFO Chris Liddell to leave GM; Treasurer Dan Ammann named successor
From staff reports
Automotive News
-- March 10, 2011


DETROIT -- Chris Liddell, who joined General Motors Co. as CFO 14 months ago and steered it through the largest initial public stock offering in Wall Street history, is leaving the automaker April 1.

Liddell, 52, who joined GM from Microsoft Corp., will be succeeded by Dan Ammann, 38, GM's treasurer. Both Liddell and Ammann are natives of New Zealand.

The turnover in CFOs follows a string of recent management changes atop GM, including the chairman and CEO posts. In the last year, GM has tapped new executives to oversee U.S. and global marketing, product development, OnStar, and technology.

When Liddell joined GM he was viewed by some as a well-regarded outsider who could possibly succeed then-CEO Ed Whitacre when he stepped aside. Whitacre had recruited Liddell.

Microsoft said Liddell left the software maker to "expand his career beyond being a CFO."

High-level changes

GM tapped board member Dan Akerson, 62, last summer to become CEO and chairman when Whitacre unexpectedly announced plans to retire.

"I came to General Motors to be part of something great," Liddell said in a statement. "My objective was to help rebuild this iconic company and I am particularly pleased that through this process, we have also developed a strong successor in Dan Ammann."

In addition to the IPO, GM has posted four quarters of profitability, strengthened its balance sheet, reduced debt, and eliminated material weakness in its financial reporting process.

"Chris was a major contributor during a pivotal time in the company's history," Akerson said in a statement. "He guided the company's IPO process and established a good financial foundation for the future."


Full text at the link
 

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The Spaminator
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This certainly did not go well for their stock this morning. A CFO leaving this fast after a IPO is not very reassuring for stock holders.


I am going to put this into the Competition news...BUT please do not make this into a Ford v. GM match. Make it level headed or I will put it in the GM forum.
 

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This certainly did not go well for their stock this morning. A CFO leaving this fast after a IPO is not very reassuring for stock holders.
The stock market is getting pounded today, the Dow is down about 215 pts down as of right now. The CFO leaving has nothing to do with GM's stock performance (who's trading volume for the day is not particularly high, lower than Ford's in fact). He was recruited by Whitacre, probably hoping for the CEO position and didn't get it. Stayed on for a few months (probably to get his next job lined up) and left.
 

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The Spaminator
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The stock market is getting pounded today, the Dow is down about 215 pts down as of right now. The CFO leaving has nothing to do with GM's stock performance (who's trading volume for the day is not particularly high, lower than Ford's in fact). He was recruited by Whitacre, probably hoping for the CEO position and didn't get it. Stayed on for a few months (probably to get his next job lined up) and left.
I am using a comparison for the stock.

Ford stock is down 1.7% right now...GM is down 2.7%. i would bet some of that is from him leaving.
 

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I would consider 1% difference in stock performance in one day to be well within typical noise.
Usually Gm and Ford have been right around the same percentage during a day...unless their has been news from either that are considered bad or good.
 

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Discussion Starter #7
I am no financial expert and couldn't tell for my life if the stock took a hit due to the departure of Liddell or not so I will just reproduced what Market Watch is telling to the financial community.

GM (GM 31.42, -0.83, -2.57%) , in yet another surprise shake-up, announced before the market opened on Thursday that CFO Chris Liddell will step down on April 1.

Taking his place is a 38-year-old Morgan Stanley alum. And investors don’t seem to like it one bit. The shares lost as much as 4% to $30.95 initially, carrying GM further from its $33 public offering price in November. The stock curbed its declines later in the day to close down 2.6% at $31.42

“The departure of Liddell is not great news,” GimmeCredit bond analyst Kim Noland said. “He has provided a steady capability for the new GM’s financial policies, including a strong balance sheet and conservative view of GM’s mission as a recovering industrial company.”

She added that he will also be missed as “the face” of the new and improved company to the analyst and financial community.
and then this pearl,

The drop in the share price probably isn’t so much an indictment of Ammann as it is a reflection of perceived instability in GM’s top ranks. Once a company that milked decades out of its high-profile executives, GM is now run by a roster of newcomers, outsiders and short-timers.

Oddly enough, Liddell’s brief stint as CFO made him one of the veterans in GM’s circle of power. Look no further than the CEO position for evidence of the unsettled state of leadership. Akerson was hired about six months ago, marking GM’s fourth chief executive in the past two years.
LINK

I hope this settles the issue . . .
 

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This is unfortunate, but not surprising. Liddell came to GM with the anticipation of one day being CEO. From what I am hearing internally, the chances of him being tapped for the top spot have dwindled in favor of more product-minded individuals.

Let me be the first to warn: there will be more executive shuffles. I have yet to hear any indication that Akerson is a long-term placement.
 

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This is unfortunate, but not surprising. Liddell came to GM with the anticipation of one day being CEO. From what I am hearing internally, the chances of him being tapped for the top spot have dwindled in favor of more product-minded individuals.

Let me be the first to warn: there will be more executive shuffles. I have yet to hear any indication that Akerson is a long-term placement.
I never pictured him as long term. I feel he was just brought in just for the IPO. Now that, that is over he will probably be leaving soon.
 

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Now that Liddell is gone, I have very high confidence that the next CEO will be from within. He is a car guy. ;)
Which I guess he will be changing alot of execs himself...

Glad it will be THAT car guy...at least the one I think your thinking of. Hopefully this will the last one for awhile. Too much turnover is not good.
 
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