General Motors Co. Chief Executive Officer Fritz Henderson will step up efforts to hire outsiders for chief financial officer and other positions in the department the former auto task force chief called the "weakest," said people familiar with the matter.
The Detroit automaker is recruiting for CFO and dozens of open lower-level jobs, said the people, who asked not to be identified because the plans are private. CFO Ray Young, who succeeded Henderson and reports to him, is expected to be reassigned to help run GM's international operations, three of the people said.
"What they're trying to do is put together a management structure that's more oriented toward a change in vision," said Stephen Spivey, a senior auto analyst at consulting firm Frost & Sullivan Inc. in San Antonio. "I wouldn't be surprised to see them bring in people from outside of the auto industry and see if they can have some type of cultural impact."
Henderson can speed up hiring after Kenneth Feinberg, the government's special master on pay, unveiled restrictions Oct. 22 for GM and six other companies that received a taxpayer rescue. The GM CEO's cash salary was cut 25 percent, a person familiar with the matter said. His total compensation rose fourfold because he was granted stock and restricted stock.
'Weakest Finance Operation'
"It allows us to hire the strong outside talent we need such as the role left open by Susan Docherty's promotion," Renee Rashid-Merem, a GM spokeswoman, said yesterday of Feinberg's guidelines. She wouldn't comment on specific personnel plans.
GM has already said it will seek an outsider to replace Docherty as the head of the Buick and GMC brands. GM promoted her to U.S. sales chief this month, to replace Mark LaNeve, who is going to Allstate Corp. Of 42 job postings for experienced professionals on GM's Web site, 31 are finance and accounting positions.
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