General Motors Vice Chairman and Chief Financial Officer Chris Liddell today announced that he will leave the company April 1, 2011, having completed the largest public offering in history and stabilizing the company’s financial operations.
The move is a surprise.
The New York Times reported this morning that Mr Liddell was widely expected to be among the top candidates when the CEO role next came up for grabs.
The turnover in CFOs follows a string of recent management changes atop GM, including the chairman and CEO posts.
Liddell, 52, joined GM in January, 2010 and led the company’s financial and accounting operations on a global basis.
“When I came to GM my primary goal was to help get the company back on its feet,” Liddell told reporters this morning on a conference call. “I’m incredibly proud of what we were able to achieve in a short period of time. … I really feel like I’ve achieved all I could achieve in the role.”
Liddell saw GM through the record $23 billion IPO last November after the company emerged from a government-sponsored bankruptcy. Replacing him is former Morgan Stanley banker Dan Ammann, 38 year old.
Ammann (photo) has played a major role in the key financial decisions at the new GM. He has been actively engaged in setting the financial strategy and reducing debt. Ammann was also integral in the IPO process.
GM has had three chief executive officers and two chief financial officers since emerging from a government-backed bankruptcy in July 2009.