For all the criticism that’s been leveled at GM’s finance operation, the firm’s most recent CFOs have yet to pay much of a career price. Previous CFO Fritz Henderson was promoted to the CEO’s spot by the presidential auto task force, and Automotive News [sub] reports that current CFO Ray Young has just been named VP for International Operations. Young’s departure from GM’s finance unit has been something of a foregone conclusion since GM exited bankruptcy, with reports of his imminent departure in the Detroit papers of record going undenied, and a recent acknowledgment that a search was on for his successor. In light of GM CEO Ed Whitacre’s ongoing game of executive whack-a-mole, it was tempting to believe that Young was on his way out, but apparently GM CFOs are pre-sprayed with teflon.
Instead, Young will “lead the International Operations Finance organization, in addition to other international operating responsibilities that will be further clarified in the near term,” according to GM’s statement. With development-leading divisions like Opel and Daewoo gasping for cash, these international operations are now in as much or more trouble than GM’s well-bailed-out US operations. Whitacre may be keeping the GM lifer around with a strict house-cleaning mandate. Meanwhile, at last week’s Fastlane webchat, Whitacre noted that the search for a new CFO was nearing completion, and that Young’s successor could be named within the next several weeks.
“Kill you, Mr Bauer? You’re far too valuable to kill!”
Fritz was fired, only had the CEO job for a little while. So much for that teflon…
Though it’s hard to determine exactly where ‘failing up’ was invented, there is no arguing it has been perfected at GM.
People who don’t have enough talent or common sense to run an In-N-Out. Responsible for billions.
Of course. It makes sense to keep Young on board, what with all of his operational experience both in NA and abroad.
Oh wait….
Great! Another financial person put in charge of a car operations position. Wasn’t this GM’s problem before, having finance guys as head of a division? Uh, yes.
Is that a 29% lapel pin? No? Just a lifer pin I guess.
I dunno…this is one of the shadiest looking guys I have seen in a long time. No wonder his books were a mess.
Whack-a-mole… Classic!
I think Ed took “whack-a-mole” from my comment after Fritz got fired. I can’t prove it. Oh, well. I used it in the comment after watching tv show House and “whack-a-mole” was the episode title. Fit perfectly to the firing if Fritz.
GM, wholly owned subsidiary of the Sociali…… er Communist Party.