Young to stay with GM after stepping down as CFO

AP News
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Posted: Dec 14, 2009 4:42 PM

General Motors Co. said Monday that Ray G. Young will remain with the automaker in a newly created international position after he steps down as chief financial officer.

Young, 47, will become vice president of international operations on Feb. 1. He will report to the division's president, Tim Lee.

"Ray's vast global experience and financial expertise will be essential in managing the challenges and dynamics of growing our international business," Chairman and CEO Edward E. Whitacre Jr. said in a statement.

GM's board reportedly decided to remove Young as CFO back in September, but the company had not indicated whether he would stay with the company.

Young is the second top executive to be replaced by Whitacre and the new government-appointed board, which took control of the troubled automaker as it emerged from bankruptcy protection in July. Fritz Henderson, the former CEO, left earlier this month and Whitacre has taken over the company as it searches for a new chief executive.

Whitacre has been shaking up management since becoming CEO. Last week, the automaker replaced its Chevrolet brand manager after just five months on the job, while the Buick brand chief left after just a few days. Earlier in the month, a slew of promotions elevated younger members of GM's executive team to key positions.

Whitacre told reporters last week that the company has a candidate in mind and is close to appointing a new CFO. Young will remain in the position until a successor is named.