A top GM executive leaves the auto company

The resignation of General Motors CFO Chris Liddell came as a surprise, and is rekindling concerns about how well General Motors’ new management team is working together.

The following statement was issued by GM:

General Motors Vice Chairman and Chief Financial Officer Chris Liddell 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.”

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

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Thursday, March 10, 2011

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