REPORT: GM's CFO Ray Young likely to resign
The new GM board is meeting today to discuss and evaluate top management at the General, and Detroit News' sources say that Young, the GM finance department and President Obama's auto Task Force clashed on a few occasions during bankruptcy proceedings. The DN points out one instance when, in a June 2 press conference, Young said that the company would not disclose financial info post bankruptcy, as it would in effect be a private company. Predictably, that didn't play well with the public tax payers who in effect bailed out the embattled automaker. The next day, GM announced that it would give regular updates on its financial status.
Some are speculating that CEO Fritz Henderson will also be under the microscope during the Wednesday board review. In August, Bloomberg reported that Obama Task Force lead Ron Bloom reportedly gave Henderson a 60% chance of leading a GM turnaround, which isn't exactly a vote of confidence. We're guessing that it wouldn't look good for the Task Force or the new GM board to ditch another CEO just five months after getting rid of Wagoner, though, so removing the fledgling CEO is probably unlikely at this point.
[Source: Detroit News | Image Source: Stan Honda/AFP/Getty]
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