The downsizing of General Motors’ executive ranks continues, with numerous sources suggesting that the automaker’s Chief Financial Officer Ray Young will be among the next to go, as part of a shake-up in the corporate finance department.
Rumors have been circulating ever since the carmaker plunged into bankruptcy, earlier this year. Adding fuel to that fire, GM CEO Fritz Henderson’s announcement on July 10th, the day the company emerged from Chapter 11, that a third of all senior executives would be let go by the end of October.
So far, a wide range of once-prominent GM bosses have been packing up their corner offices, including Troy Clarke, formerly president of GM North America, while others, such as Gary Cowger, head of manufacturing, plans to retire by year’s end. So, few insiders would be surprised to see Young join them on the way out of GM’s Renaissance Center headquarters.