Posted on 03/10/2011 10:51:36 AM PST by library user
~EXCERPT~
DETROIT (AP) -- The chief financial officer of General Motors Co., who brought the company through a successful public stock offering and was once considered a candidate for CEO, is resigning as of April 1.
In a surprise announcement Thursday, GM said that Chris Liddell, 52, will be replaced by Treasurer Dan Ammann. Liddell has been on the job for just 14 months.
During a hastily arranged conference call with reporters, Liddell said he had no job lined up, but doesn't want to be a chief financial officer any longer. He said he had achieved his goals of pulling off GM's IPO, fixing its accounting problems and getting the company back on sound financial footing.
The move is another in a series of management changes that started soon after GM emerged from bankruptcy protection in July of 2009. The company has had four CEOs in less than two years, and it recently changed its top sales, marketing, product development and engineering executives.
(Excerpt) Read more at finance.yahoo.com ...
Hmmm... Forced out by King Hussein? Can't wait to hear what Cavuto has to say about this.
America would be better off if we had four Presidents in the last two years.
Musta got sick of laundering tax payer $$ to various Dem charities...
Perhaps got too hot in the kitchen cooking the books?
Any of the other three would be better than the one we have now.
If he ever talks
He’s going to Toyota. The books are cleaner.
Obama is giving everyone a chance to short GM’s stock again.
Any bets on when GM will go bankrupt a second time? 2013 perhaps?
He knows the Volt is crap and he does not want to risk jail time by signing overly optimistic financial statements, re: Sarbanes-Oxley.
Wild ass guess on my part with no specific knowledge to make such a claim. <—— My inner lawyer made me type this
No, he wanted to be in line to be the next CEO after Whiteacre, and then they hired Akerson instead. Liddell doesn't want to be a CFO, he wants to be a CEO. And he will be, just not at GM.
GM is giving him a Volt as a farewell present, so they must be really mad at him.
Too bad. Liddell lent an air of credibility to GM. He was a good CFO at Microsoft and was hoping to become the CEO of GM. Guess its back to the same old dysfunctional GM as usual. The saddest part of this is that we really need good people like Liddell at GM - a healthy GM is good for America.
Who quits on a Thursday?
Isn’t he the idiot that did some ads last Spring or summer saying GM had repaid stimulus money early? That was a lie. Just as the recent cliam that GM has had as 40% jump in sales is a lie. Maybe the man found his conscience.
As has been reported on other sites, Government Motors “sales” are actually increased inventories at GM dealers. Something to the tune of about 100,000 excess vehicles if I remember correctly. Just look at the incentives GM is offering on many of it’s popular models - 0% financing for 60 months.
If true, and the cars aren’t selling off the dealers’ lots, then it’s only a matter of time before it’s production cuts and layoffs.
A competent CFO can see the handwriting on the wall and wants to get out before his Government Task Masters dream up more central planning to save the UAW at the expense of the taxpayer and investor.
Sounds to me like he’s getting out before the feces hits the fan.
Maybe he met with O’Keefe, too.
On a slightly different, but related, subject, we went car shopping over the week-end and guess what we found? Nothing, nothing on any of the car lots except GM or Chevy lots. Most of the lots weren’t even open on Sunday because they had nothing to sell. The car that I was looking for was an Audi Q5 and there wasn’t a single one in the whole state of WA for sale.
It’s no wonder the auto dealers aren’t selling anything, they have nothing to sell.
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