GM picks Microsoft's Chris Liddell as finance chief
Liddell, 51, has served as Microsoft's CFO since May 2005. He is leaving Dec. 31.
GM had been searching for a replacement for Young since at least September. Young became CFO in March 2008, taking over for Fritz Henderson. Henderson was ousted as CEO this month.
Young is staying on as vice president of international operations. GM said last week he would report to international President Tim Lee beginning Feb. 1. Young will lead the unit's finance activities and have other roles “clarified in the near term,” GM said. The international business comprises Latin America, Africa, the Asia-Pacific region and the Middle East.
The search for Young's replacement 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 allowed only one executive, aside from then-CEO Fritz Henderson, to make more than $500,000 for 2009. GM has not identified that executive.
Ed Whitacre, GM's chairman and interim CEO, said last month 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.
Source: GM picks Microsoft's Chris Liddell as finance chief
