The last two chief financial officers at General Motors, Rick Wagoner and Fritz Henderson, eventually became CEO. Ray Young, who has been CFO at the General for less than a year and a half, likely won't make it to the top. The Detroit News reports that Young is going to resign his post as CFO in the weeks ahead, and he may be only one of a few departures among senior GM brass.
This afternoon, General Motors chief financial officer Ray Young held a conference call with bloggers to discuss the announcements made by CEO Fritz Henderson this morning. One of the biggest aspects of today's announcements was the wind-down of over 2,605 dealers between now and the end of 2010. When Oldsmobile was shut down earlier this decade, the process took several years and much of the billion dollar cost was related to liquidating the inventory of vehicles that dealers had. According to
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