General Motors shuffles accounting ranks amidst speculation

In an effort to restructure the system of checks and balances that have let slip several recent high-profile beancounting snafus, General Motors is making some changes in its accounting departments.

According to a new Reuters article, GM's Chief Accounting Officer, Peter Bible will clear out his desk effective June 1, and corporate controller Paul Schmidt will retire sometime later this year. The two positions will be merged into a single post, and the automaker will also sign up with an outside financial advisor.

The move has some analysts concerned, saying that the shuffling "'... is a sign that all is not well.'" Others maintain the automaker's moves have become necessary due to public perception issues, not because of real corruption problems.

[Source: Reuters; CNN]

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