Global Biz

GM names Microsoft finance chief as CFO

(Agencies)
Updated: 2009-12-22 10:00

IPO IN FOCUS

Whitacre had cautioned that federal pay restrictions were complicating GM's search for outside hires for key executive positions, but said last week that the company had found a replacement for Young.

Liddell earned just over $3.5 million at Microsoft last fiscal year -- about $1.1 million in salary and bonus and about $2.4 million in stock awards.

GM did not immediately detail his compensation.

One of the first challenges for Liddell will be to oversee the process of preparing post-bankruptcy accounting statements for GM that revalue its assets and liabilities.

Completing that "fresh start" accounting is a prerequisite for an initial public offering of GM shares.

GM has lost $88 billion since 2005, excluding results for this year that included its bankruptcy.

Steve Rattner, the former investment banker who headed the White House-appointed autos task force, said in October that he and other US officials were surprised by the "stunningly poor management" at GM, especially in its finance operations.

Last January GM settled a five-year probe of its accounting practices by the Securities and Exchange Commission related to errors in its treatment of pensions, derivatives and precious metals.

Since emerging from bankruptcy, GM has also had a harder than expected time disposing of the smaller and money-losing brands it no longer wants, including Saturn, Saab and Hummer.

A deal to sell Saturn to Penske Automotive Group collapsed in September.

Last week GM said it had been unable to find a buyer for Sweden-based Saab and would shut it down, but indicated this week that it could consider additional offers for the 60-year-old auto brand.