By David Bailey and Bernie Woodall

DETROIT (Reuters) - The board of General Motors Co <GM.UL> will get an update on the search for a new chief executive by next month as a recruiting firm compiles a short list of candidates, a person familiar with the process said.

The automaker has also identified a candidate to hire as a new chief financial officer and could have an announcement on that key position by the end of the year, GM Chairman and acting Chief Executive Ed Whitacre said.

Taken together, the steps demonstrate how GM's board under the oversight of Whitacre has nearly completed the process of replacing or reassigning the senior leadership team that steered the automaker through bankruptcy five months ago.

Whitacre, 68, has moved to put his own stamp on GM's management and strategy since becoming chairman in July. Since taking over as GM's acting CEO last week, he has also driven home a message that the automaker must move faster to win back customers, pay back taxpayers and return to profitability.

GM has tapped search firm Spencer Stuart to find a permanent chief executive in a process that will consider candidates outside the auto industry, said the person who asked not to be named because the hiring process is private.

Spencer Stuart also handled the search for Whitacre, who became acting chief executive after the board broke with former CEO Fritz Henderson.

A spokesman for the recruiting company could not be immediately reached for comment. GM had no comment on the search firm's identity.

Whitacre did not address the CEO search or how long he will be acting chief executive during a 38-minute Web chat with reporters on Tuesday afternoon.

He said GM was close to hiring a replacement for CFO Ray Young.

"We're close and have narrowed it down and have a real good candidate," Whitacre said, adding that GM "could have some news in two or three weeks."

Young has been in discussions about moving to GM's international operations based in Shanghai, people familiar with those talks have said. GM has declined to comment.

With the replacement of Young, GM's entire top management team will have changed over this year. Vice Chairman Bob Lutz, 77, who had been charged with heading GM's marketing efforts, has been made an adviser to Whitacre.

"His role has changed a bit. He is senior adviser to me and top management," Whitacre said. "We look forward to learning a lot from him."

Corporate search executives expect GM to stay within the ranks of the U.S. executive class for a new CEO, but say it will face challenges because of a government-imposed limit on executive pay and the strong presence of Whitacre.

'FOCUSED ON RESULTS'