General Motors will ring in the New Year with a new CFO. Today the automaker appointed a new CFO to replace Ray Young. Chris Liddell of Microsoft will take over the position beginning in January.
Liddell, currently CFO at Microsoft, will relinquish his duties at the software giant on December 31. At Microsoft, Liddell was responsible for organizing worldwide finance operations. He was also accountable for treasury activities, internal audits, and investor relations. As GM prepares for its IPO in the coming months, Liddell will assure the company is ready.
As reported earlier, GM is restricted on the compensation it can offer its new hires. The U.S. government restricts the automaker from paying its executives more than $500,000 per year. Long-term stock options may be added to offers to sweeten the deal.
"Chris brings a depth and experience to this job that were unmatched in our search for a new financial leader," said GM CEO Ed Whitacre. "Chris will lead our financial and accounting operations on a global basis -- we're also looking to his experience and insights in corporate strategy as a member of the senior leadership team in helping our restructuring efforts."