Liddell resigns from GM - won't rule out Fonterra job

Kiwi executive Chris Liddell has quit his role as chief financial officer of US car maker General Motors just a year after he joined the company.

Liddell, who was last year named the NZ Herald's Business Leader of the Year, will leave GM on April 1 and will be succeeded in the role by fellow Kiwi Dan Ammann.

Ammann is currently GM's vice president, finance and treasurer.

Liddell, 52, joined General Motors in January last year after a stint at Microsoft where he had been finance chief.

In an interview this morning with The New Zealand Herald, Liddell said he came to the GM job "with very specific goals in mind which was to help get the company back on its feet."

"I had some specific objectives one of which obviously was to return the company to public markets and we're able to achieve that very successfully with the biggest IPO of all time last year."

"To a large extent I achieved all of the things that I wanted to ... I think we managed to do about three years work in one."

"Each of my career decisions has been very much about doing what I wanted to achieve in the role and then finding another challenge."

Liddell has no specific new role in mind.

"My style is just to have a clean break and then consider my options ... we'll see what opportunities arise, I've got a couple of ideas in the back of my mind."

However, Liddell did not rule out the chief executive's position at Fonterra - a role from which current boss Andrew Ferrier is planning to step down.

"I put that in the same sort of thing when someone says are you looking at an acquisition.

"I'd neither confirm nor deny it, it'd be just speculation at this stage."

GM chairman and CEO Dan Akerson said Liddell was "a major contributor during a pivotal time in the company's history."

"He guided the company's IPO process and established a good financial foundation for the future."

In addition to the successful IPO, Akerson recognised Liddell's leadership during the last year noting four quarters of sustained profitability, a strengthened balance sheet and the elimination of material weakness in the financial reporting process.

Liddell gave no explanation for his departure, other than to say he had achieved what he wanted to do in the role.

"I came to General Motors to be part of something great," said Liddell in as statement issued by GM this morning.

"My objective was to help rebuild this iconic company and I am particularly pleased that through this process, we have also developed a strong successor in Dan Ammann."

Akerson said Ammann's depth of knowledge of the financial community and and GM would be instrumental as the company continued to earn the trust of global investors and customers.

"He is held in high regard on Wall Street and within the company and, as we move our financial strategy forward, his credibility and leadership will be invaluable."

Ammann has played a major role in the key financial decisions at the new GM. He has been actively engaged in setting the financial strategy and reducing debt. Ammann was also integral in the IPO process.

"We've made great strides this last year in setting the financial strategy for the company," said Ammann.

"Chris and I have worked together very closely during this time and I am committed to a seamless transition and to building on what we started."

- OWEN HEMBRY / NZ HERALD ONLINE