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.]
* 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.