• Mar 10, 2011
General Motors has announced that Chris Liddell (above left), the company's vice chairman and chief financial officer, is leaving the automaker. Liddell joined GM in January 2010 and was instrumental in guiding the manufacturer through its recent initial public offering. At this point, the reasons for Liddell's departure remain unclear.

According to Automotive News, Liddell was initially viewed as one possible successor to Ed Whitacre as CEO of GM, though that changed when Whitacre unexpectedly announced his plans to retire.

Since then, Dan Akerson has been picked to lead GM.

Dan Ammann (above right), who currently serves as the automaker's treasurer, will succeed Liddell. Ammann has been with GM for less than a year, having joined the company in March of 2010. Before joining the automotive industry, he served as the managing director and head of industrials investment banking at Morgan Stanley for four years. Hit the jump for the full press release.

[Sources: General Motors, Automotive News – sub. req.]
Show full PR text
GM Announces CFO Transition

2011-03-10

* 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.


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  • 27 Comments
      • 3 Years Ago
      Minimum Dan A. is busy getting rid of everyone who won't agree that the sky is green. Just a few more executives to jettison, and the Ren Cen will be filled with his yes-men. The ghost of John Smale is back in charge at GM. If GM doesn't do something quickly, it will be back-to-the-future time at GM, with P&G brand managers doing their best to destroy any last shreds of brand equity.
        • 3 Years Ago
        Exactly so. Dan fired an engine guy for a bean-counter, now he's installing a new head bean counter. More the pity that GM was actually doing well by releasing interesting and competitive product that drove profit.
      • 3 Years Ago
      out with the smiley, in with the serious
        • 3 Years Ago
        No kidding, I would be happy if I had his salary.
        • 3 Years Ago
        If you had to work for Akerson, you wouldn't be smiling either.
      • 3 Years Ago
      phatj

      which article are you referencing? What or who is AE?
      • 3 Years Ago

      That beard is weird !

      Photoshop alert ?
      • 3 Years Ago
      Took you a while AB to get the news, didn't it?

      Wow! This is not good news. GM is down 69 cents. Why would anyone quit after instigating a successful IPO and posting 4 profitable quarters? Maybe Marchionne made him an offer he couldn't refuse. That would be nice.
        • 3 Years Ago
        Hey, I could go bankrupt too, cancel all my debt obligation and post 4 profitable quarters too.

        There is no doubt the GM ship has a few large cracks in it waiting to burst once again.
        • 3 Years Ago
        I'd like to know the real reason why Liddell quit.

        I suspect he was deeply disappointed with the GM/Detroit mentality. Despite all the changes at GM, it would be pretty hard to go from Microsoft in Seattle to GM in Detroit.
        • 3 Years Ago
        Wow. I feel like my brain has been sucked out of my head from having read this string.
        • 3 Years Ago
        Oh, I agree.

        GM tried to get rid of its multiple brands, but still hasn't succeeded in that effort. Just recently Daewoo was converted to Chevrolet. Next, I hope they will ax GMC. They claim it to be profitable and it is...on the back of Chevrolet.

        It doesn't cost anything extra for the advertising, distribution or warranties, etc. All those people working for GMC only exist on paper, right? Redundancy still proliferates at GM and you really have to sock it to them before they will budge. Maybe $5 a gallon will do it? Bye-bye GMC.
        • 3 Years Ago
        Turns out you can't write off or bail out corporate culture.....it'll break even the best of them.
      • 3 Years Ago
      Obviously at GM it is all about the Shares.

      They went the opposite direction of Chrysler, which is leading the share sale with a product focus.

      GM has made it a "company value" issue .. with promise of products to follow the investment.

      Gov't will be pretty upset too and is not going to wait for the $50 share price which should have been a pretty certain thing in the current car market -- oh but you need new cars in the showroom -- and are instead of missing this splendid car buying market cycle -- hoping people will "wait" for those products to arrive.
        • 3 Years Ago
        If I were the Government, I'd unload my shares as soon as possible. Dan is going to run GM into the ground.
      • 3 Years Ago
      That beard is crazy weird. And why is he so unhappy?
      • 3 Years Ago
      They love playing musical chairs at RenCen.
      • 3 Years Ago
      at first I sort of loled

      then I serious'd
      • 3 Years Ago
      I'd rather work for the old guy. The new guy looks like a prick. Who the hell provided that ridiculous photo?
      • 3 Years Ago
      Their Christmas parties must be a hoot with that duo.
      • 3 Years Ago
      Help! The guy on the right is staring into my soul. Seriously. :
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