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GM Restructures Accounting Ranks

Stock quotes in this article: GM  

Shares of General Motors (GM Quote) tumbled more than 5% Wednesday after the automaker said it will restructure its finance division after the departure of two top accounting executives.

GM said its controller, Paul Schmidt, plans to retire later this year after 37 years with the company. Following his retirement, GM plans to combine its controller and chief accounting officer positions.

As such, the company's current chief accounting officer, Peter Bible, will resign to "pursue other career options," effective June 1. ...

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