Michigan GMC Dealers Have Learned GM CFO Steps Down
DETROIT, M.I. – Michigan GMC dealers have discovered General Motors Co. has had another changeup in its executive team as CFO Chris Liddell has announced his departure effective April 1, 2011.
Chris Liddell, 52, was key in leading GM to its initial public offering, which broke records in generating $23.1 billion.
[Rewind: Michigan GMC Dealers May be Glad to Hear GM IPO Hits Record-Making 20.1 Billion Shares]
"Chris was a major contributor during a pivotal time in the company's history," said Dan Akerson, GM chairman and CEO, in a press release. "He guided the company's IPO process and established a good financial foundation for the future."
Michigan GMC dealers may already know Liddel's replacement will be Daniel Ammann, 38, currently GM's Vice President, Finance and Treasurer. Some of his roles in GM have included managing GM's financial strategy and lowering the company's debt. Prior to his arrival at GM, Ammann was with Morgan Stanley as managing director and head of Industrials Investment Banking.
Chris Liddell has publicly stated that he "came to General Motors to be part of something great." In his statement he also said, "My objective was to help rebuild this iconic company and I am particularly pleased that through this process, we have also developed a strong successor in Dan Ammann."
Though this is another major change in a significant role at GM, some analysts feel this will have little bearing on the company, with David Cole, former chairman of the Ann Arbor-based Center for Automotive Research telling The Detroit News, "Shuffling of the CFO is not that big a deal in my opinion," he said adding, "What you tend to be concerned about is if you have shuffling in the details of the business, such as product, manufacturing."
Another analyst told The Detroit News that, "We do not believe the GM CFO departure signals operating or accounting challenges at GM," said Himanshu Patel, an analyst with J.P. Morgan in New York.
GM has not yet announced a successor for Ammann.
Michigan GMC dealers should know MI Auto Times will continue to follow this topic and others within the automotive industry as they develop.
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