GM CFO Chris Liddell Leaves

William Maley - Editor/Reporter - CheersandGears.com

March 10, 2011

Chris Liddell, GM's chief financial officer for fourteen months has announced he will be leaving the company on April 1st. Liddell, who came from Microsoft helped GM through the largest IPO in Wall Street history. In a statement released today, Liddell said,

“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,"

His successor is Dan Ammann, GM's Treasurer. Ammann joined GM in March 2010 after a stint as managing director and head of industrials investment banking for Morgan Stanley.

"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," Ammann said in a statement.

Source: Automotive News (Subscription Required)

Press Release is below

GM Announces CFO Transition

• Chris Liddell Steps Down After Record IPO
  
• Treasurer Dan Ammann to assume CFO Role
  

DETROIT – General Motors Vice Chairman and Chief Financial Officer Chris Liddell today announced that he will leave the company April 1, 2011, having completed the largest public offering in history and stabilizing the company’s financial operations. Liddell, 52, joined GM in January, 2010 and led 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 to the successful IPO, Akerson recognized Liddell’s 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.

Dan Ammann will succeed Liddell as General Motors chief financial officer, effective April 1, 2011. Ammann, 38, is currently GM 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,” said Akerson. “He is held in high regard on Wall Street and within the company and, as we move our financial strategy forward, his credibility and leadership will be invaluable.”

Ammann has played a major role in the key financial decisions at the new GM. He has been actively engaged in setting the financial strategy and reducing debt. Ammann was also integral in the IPO process.

“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.”

Since joining the company in March, 2010, Ammann has led the GM Treasurer’s Office, based in New York, with operations around the world. Prior to GM, Ammann was managing director and head of Industrials Investment Banking for Morgan Stanley and was instrumental in many high profile assignments spanning a variety of technology, service, and manufacturing clients.

“I came to General Motors to be part of something great,” said Liddell. “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.”

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

Hired gun finishes his project ahead of schedule. Assuming gets a huge golden handshake, now we are back to insider control. Really GM?

and the elimination of material weakness in the financial reporting process.

I think this is what he was hired to do as GM had management stating in yearly reports that they had material weaknesses in internal controls over financial reporting for years (yet Old GM management apparently did nothing to remediate them). It's not that positive to perceieve a high rotation in these types of positions, but it is somehow expected at this stage: people may be brought in to do aim for some very specific goals. If these sort of news continues for another year or two, though, it may mean GM is having trouble retaining qualified staff and that would be worrying.

Maybe it's just a case of Liddel adding a bullet to his resume and moving on. Ammann isn't exactly a GM lifer - he left Morgan Stanley for GM a year ago.

and the elimination of material weakness in the financial reporting process.

I think this is what he was hired to do as GM had management stating in yearly reports that they had material weaknesses in internal controls over financial reporting for years (yet Old GM management apparently did nothing to remediate them). It's not that positive to perceieve a high rotation in these types of positions, but it is somehow expected at this stage: people may be brought in to do aim for some very specific goals. If these sort of news continues for another year or two, though, it may mean GM is having trouble retaining qualified staff and that would be worrying.

Well said.

But the magnitude of rotation going on is still significant and cannot be neglected either.