GM Names Former Ford Executive as Chief Financial Officer

General Motors(GM Quote) named former Ford(F Quote) executive John Devine as its new chief financial officer and vice chairman, effective Jan. 1.

Devine, 56 years old, will succeed J. Michael Losh, who retired Sept. 1. Devine worked for Ford for more than 30 years and served as chief financial officer from 1994 until October 1999.

Shares of GM were recently trading up 13 cents, or 0.2%, to $51.88 in New York Stock Exchange composite trading.

Yesterday, GM unveiled plans to phase out its Oldsmobile division and cut 10% of its staff. The company also lowered guidance for the fourth quarter. The company also said today that it was on track to cut costs by $3.5 billion this year.