General Motors CFO Resigns

DETROIT (WWJ) - A big transition at General Motors as one of the company's leaders decides to step down.

General Motors Vice Chairman and Chief Financial Officer Chris Liddell announced Thursday that he will leave the company April 1st after having completed the largest public offering in history and stabilizing the company's financial operations.

Liddell, 52, joined GM in January 2010 and led the company's financial and accounting operations on a global basis.

GM chairman and CEO Dan Akerson says Liddell was a major contributor to the company during one of its most pivotal times. In addition to the successful IPO, Akerson recognized Liddell's leadership over the last year noting four quarters of sustained profitability, a strengthened balance sheet and the elimination of material weakness in the financial reporting process.
Dan Ammann will succeed Liddell as General Motors chief financial officer. Ammann, 38, is currently GM vice president, finance and treasurer.

WWJ Auto Analyst John McElroy says this change at GM was not anticipated by anyone. "This just drops right out of the sky," says McElroy, who calls the announcement a "bombshell" considering that GM had previously hinted that Liddell could have a shot as the company's CEO.

So whose idea was it for Liddell to leave?

McElroy says we may not know the true answer for days to come. "General Motors is on the mend. It made a very substantial profit last year. It went through a successful IPO, going public again. This year looks like it's going to be even better. The future down the road looks brighter. The company might go back to being number one," says McElroy, "So for the CFO to stand up and say I'm out of here is a complete surprise."