GM Close to Hiring New CFO; Current CFO Young Moved to International Ops
By Michelle Krebs December 14, 2009Clearing the path for the arrival of a new CFO, General Motors announced Monday morning 
its current CFO Ray G. Young has been named vice president of GM's international operations, a newly created post.
President Obama's automotive task force, and particularly its member Steve Rattner, took GM to task for its poor financial management. As a result, GM launched a search for a new CFO. Ed Whitacre, GM chairman and interim CEO, said in a Web chat last week that a new CFO was close to being appointed.
GM said Young will remain as CFO until that replacement is named, likely by Feb. 1.
"Ray has been instrumental in leading the company through an extraordinarily complex bankruptcy and subsequent actions taken to reshape GM's business," Whitacre said in a statment issued by GM Monday. "Looking ahead at the needs of our business, it has become clear that Ray's vast global experience and financial expertise will be essential in managing the challenges and dynamics of growing our international business."
Young, 47, will report to Tim Lee, president of GM International Operations, effective February 1, 2010. He will lead the International Operations Finance organization, in addition to other international operating responsibilities that will be further clarified in the near term, GM said. -- Michelle Krebs, Senior Analyst and Editor at Large
LEAVE A COMMENT
What am I not getting?
Task force head Steve Rattner, who said after the Task Force reviewied GM's financial condition,
"We saw no indication of the finance staff pushing back on the operating divisions to achieve better results, as is customary...Analyses seemed engineered to support preordained conclusions. Symbolically, we never heard the words ‘shareholder value.' ”
And now the Top Guy of this dysfunctional department will oversee International Finance?
How can Ed Whitacre make the statements he made about Ray Young with a straight face?
ADD A COMMENT