General Motors CFO Chris Liddell is
resigning as of 1 April, continuing the automaker’s churn of top executives.
Liddell, 52, had served for 14
months, overseeing GM’s November initial public offering and helping to reduce
the company’s debt and pension obligations.
He will be replaced by GM Treasurer
Dan Ammann, a 38-year-old former investment banker.
Liddell joined GM after four and a
half years as Microsoft’s CFO and was viewed as a candidate to be GM’s CEO.
But the board appointed one of its
own, Dan Akerson, as CEO when Ed Whitacre resigned last summer, and Akerson has
said he plans to stay in the role for a few years.
Ammann joined GM in March after
serving as managing director and head of industrials investment banking at
Morgan Stanley, where he advised GM on its restructuring and bankruptcy.
He helped with GM’s road show to
sell investors on its IPO and was a lead executive in the acquisition this
summer of AmeriCredit to bolster GM’s subprime and lease financing.
Ammann said he views his new job as
a long-term commitment, in a nod to the executive turnover at GM since its
Current CEO Dan Akerson is the
fourth person to lead GM since March 2009, and Ammann will be GM’s third CFO
since its 2009 bankruptcy.
Akerson recently shook up GM’s
product development leadership, taking the chief job from Tom Stephens after
nearly two years, making him chief technology officer and appointing
manufacturing engineer Mary Barra in his place.
But Ammann promised stability,
saying his philosophies are the same as Liddell’s.
“What you’ll see going forward is
absolutely more of the same,” he said.