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Posts Tagged ‘GM CFO’

GM Names New CFO, Restores Dividend for 1st Time Since 2008

Moves come as Mary Barra set to become maker’s first female CEO.

by on Jan.15, 2014

New GM CFO Chuck Stevens.

General Motors has named Chuck Stevens as its new chief financial officer, replacing current CFO Dan Ammann, who became the Detroit maker’s new president later this week as part of a broad management shift that sees Mary Barra become the new chief executive officer.

The move was approved by the GM board of directors which also restored the maker’s divided for the first time since July 2008, at a time when it was spiraling towards bankruptcy. Stockholders will receive a 30-cent dividend per share.

Financial News!

The announcements come just weeks before GM is expected to report its 16th straight quarterly profits, a string that began soon after its emergence from Chapter 11 protection with the help of a nearly $50 billion federal bailout. The U.S. Treasury last month sold off the last of its holdings in the maker – at a final loss of about $10 billion.

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GM Offering Lump-Sum Buyouts to 42,000 White-Collar Retirees

COO hints similar offer could follow for union workers.

by on Jun.01, 2012

GM CFO Dan Anmann wants the maker to focus on its "core business."

Taking a cue from its cross-town rival, General Motors will offer lump-sum buyouts to 42,000 salaried retirees while transferring the pension program of the rest of its 118,000 white-collar retirees to Prudential Insurance.

Those moves should reduce GM’s pension liabilities by about $26 billion without reducing benefits, Chief Financial Officer Dan Ammann explained during a conference call with analysts and reports.  And it could serve as a model for a similar program aimed at reducing GM’s even bigger blue-collar pension liabilities which remain significantly underfunded.

Keep Up!

“We’re going to continue to look for opportunities down the road,” said the GM CFO, though he declined to discuss whether the prospect of major changes to the pension program of hourly workers has yet been raised with the United Auto Workers Union.

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New GM CFO Could Get More Than $6 million

Liddell in line for millions in stock, beyond fed-restricted pay.

by on Dec.24, 2009

A six million dollar smile?

One of  the chores awaiting General Motors’ new Chief Financial Officer, Chris Liddell, will be to pull the books in order following the maker’s well-publicized bankruptcy, a critical step towards GM’s planned Initial Public Offering.

But creative accounting is also part of the duties.  GM, like other companies living off of federal bailout money, has to live within strict pay limits for its senior executives, a real problem when it comes to attracting good talent to the troubled automaker, which presumably Liddell is.

The solution? A package that includes not only $750,000 in annual salary for the New Zealand native, but nearly $5.5 million more in stock.  Of course, that depends on GM pulling off the IPO, which would bring the company public again, allowing it to actually trade stock.

Pay!

That could happen as early as 2010 – though Chairman and Acting CEO Ed Whitacre cautioned, earlier this month, that he will not be rushed to stage the IPO before the company is ready. GM lost $1.2 billion in its last quarter, hardly the kind of results to encourage potential investors to buy the stock.

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GM Names Liddell New CFO and V. Chairman

Previously served as Microsoft finance chief.

by on Dec.21, 2009

General Motors has raided Microsoft to bring in its long-awaited new CEO, New Zealand native Chris Liddell.

In an unexpected move, General Motors has raided the high tech world of Microsoft to recruit its new Chief Financial Officer.

Wrapping up a search that began shortly after the automaker emerged from bankruptcy, last July, GM has named 51-year-old Chris Liddell to serve as its new CFO and Vice Chairman. The New Zealand native will replace Ray Young, who will become second-in-command at GM’s fast-growing International Operations.

“Chris brings a depth and experience to this job that were unmatched in our search for a new financial leader,” said GM chairman and Acting CEO Ed Whitacre, who two weeks ago hinted that a new CFO was coming.  “Chris will lead our financial and accounting operations on a global basis and will report directly to me.  We’re also looking to his experience and insights in corporate strategy as a member of the senior leadership team in helping our restructuring efforts.”

In his new post, Liddell will have some serious challenges ahead.

People!

GM released preliminary third-quarter financial results, but they did not conform to traditional accounting guidelines.  Liddell will have to bring the books in line with regulatory mandates and then help prepare the troubled automaker for a planned Initial Public Offering.

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