This is an updated report on the original story posted by TheDetroitBureau.com earlier this morning.
There’s another management shake-up at General Motors, this morning, with Chris Liddell stepping down as the Detroit maker’s chief financial officer. He will be replaced by Dan Ammann, currently GM’s treasurer.
Liddell’s planned April 1 departure comes as something of a surprise – and for several reasons. After a series of management shake-ups following its emergence from Chapter 11 bankruptcy, in July 2009, GM’s senior ranks have been relatively stable in recent months, something insiders said was critical if the maker wanted to renew its focus on the business of designing, building and selling cars.
But Liddell also was considered the key to General Motors’ wildly successful initial public offering. The company initially expected to sell its new shares for as little as $26, but ultimately boosted the price to $33 – and sold a significantly larger large of the U.S. Treasury’s holdings than originally planned, ultimately raising about $23 billion in the process.
“Chris was instrumental in establishing a strong financial future for the company,” declared GM Chairman and CEO Dan Akerson during a Thursday morning news conference called to discuss the management shift. Akerson described Liddell as “a catalyst for change” who “created a lower-risk profile” for the automaker after its emergence from bankruptcy.