GM Lands New CFO Despite Pay Caps - TheStreet

GM Lands New CFO Despite Pay Caps

After all its concern over federal pay caps on executive pay, General Motors has finally found a new CFO.
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DETROIT, Mich. (

TheStreet

) -- After all its concern over federal pay caps on executive pay, General Motors has finally found a CFO.

GM has been urgently searching for a new CFO after a government auto task force inflicted a scathing review on the company's finance operations.

Its chairman and CEO Ed Whitacre had been concerned about the impact that the federal pay caps at companies who had received large government bail-outs would have on hiring; but ultimately, Whitacre found what he was looking for.

Chris Liddell, a New Zealand native, has been the CFO at Microsoft since 2005. Before joining Microsoft, he was CFO at the forestry products company International Paper, subsequent to serving as CEO at Carter Holt Harvey. Holt Harvey is New Zealand's second-largest listed company.

Liddell is expected to leave Microsoft by Dec. 31. Meanwhile, GM's outgoing CFO, Ray Young, is being relocated to GM's Shanghai office to oversee the company's international operations.

Whitacre, who has been attempting to transforming the company into a "new GM" through management reshuffling and the addition of new talent at the senior management level, says he has also made it a mission to overhaul GM's corporate culture.

management reshuffling

-- Reported by Andrea Tse in New York

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