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GM has 2 candidates to replace CFO Young, report says

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GM has 2 candidates to replace CFO Young, report says



NOVEMBER 18, 2009 - 12:17 PM ET

General Motors Co. has “narrowed the field” to two possible candidates to replace CFO Ray Young and may make a decision by year end, Bloomberg News reported, citing two people close to the matter.

The executives are both CFOs from outside the auto industry, Bloomberg reported. They come from a pool of seven executives interviewed so far, and the company may interview others, one of the news agency’s sources said.

Executive search firm Crist Kolder Associates is helping with GM’s search, Bloomberg said.

A GM spokesman declined to comment.

The GM board endorsed plans in early September for CFO Ray Young to step aside, people familiar with the deliberations have said. Young probably will be reassigned to GM’s international operations, Bloomberg reported last month.

GM emerged from 39 days of Chapter 11 reorganization on July 10 after a government-financed $50 billion bailout.

The search for Young’s replacement has tested the salary caps placed on the bailed-out company by U.S. pay czar Kenneth Feinberg. He cut cash salaries for the top GM executives by 31 percent, and only one executive, aside from CEO Fritz Henderson, will make more than $500,000 for 2009. GM has not identified that executive.

GM Chairman Ed Whitacre, who was appointed by the U.S. government after it sponsored GM’s bankruptcy earlier this year, said last week that the salary limits made hiring from the outside difficult. He urged a reconsideration of Feinberg’s limits.

The pay czar later said he would be open to flexing the limits for new hires.

Reuters contributed to this report


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