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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 7, 2011
GENERAL MOTORS COMPANY
(Exact Name of Company as Specified in its Charter)
| 001-34960 | DELAWARE | 27-0756180 | ||
| (Commission File Number) |
(State or other jurisdiction of incorporation) |
(I.R.S. Employer Identification No.) |
| 300 Renaissance Center, Detroit, Michigan | 48265-3000 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
(313) 556-5000
(Company’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the company under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
News Release Dated March 10, 2011
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ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On March 10, 2011 General Motors Company (“GM”) issued a news release announcing that Christopher P. Liddell had resigned from his position as Vice Chairman and Chief Financial Officer of General Motors Company. Mr. Liddell’s resignation will be effective April 1, 2011. Mr. Liddell informed GM of his decision on March 7, 2010.
GM also announced that Daniel Ammann has been appointed Senior Vice President and Chief Financial Officer effective April 1, 2011. Mr. Ammann, 38, was named GM Vice President, Finance and Treasurer of General Motors Company in April 2010. Before joining GM, he was Managing Director and Head of Industrial Investment Banking for Morgan Stanley, a position he held since 2004. During his 11 years at Morgan Stanley, he was responsible for many significant assignments spanning a variety of technology, service, and manufacturing clients, including advising General Motors Corporation during its restructuring and sale of assets to GM. Mr. Ammann has no other reportable relationships with GM or its affiliates.
Mr. Ammann’s compensation in his new position has not yet been determined. GM will file a Current Report on Form 8-K to report his compensation arrangements when they have been agreed upon.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
EXHIBITS
| Exhibits |
Description |
Method of Filing | ||
| Exhibit 99.1 |
News Release Dated | Attached as Exhibit | ||
| March 10, 2011 | ||||
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GENERAL MOTORS COMPANY (Company) | ||||
| Date: March 11, 2011 | By: | /s/ Nick S. Cyprus | ||
| Nick S. Cyprus | ||||
| Vice President, Controller and Chief Accounting Officer | ||||
For Release: 8:15 AM EST
March 10, 2011
GM Announces CFO Transition
| • | Chris Liddell Steps Down After Record IPO |
| • | Treasurer Dan Ammann to assume CFO Role |
DETROIT – General Motors Vice Chairman and Chief Financial Officer Chris Liddell today announced that he will leave the company April 1, 2011, having completed the largest public offering in history and stabilizing the company’s financial operations. Liddell, 52, joined GM in January, 2010 and led the company’s financial and accounting operations on a global basis.
“Chris was a major contributor during a pivotal time in the company’s history,” said Dan Akerson, GM chairman and CEO. “He guided the company’s IPO process and established a good financial foundation for the future.”
In addition to the successful IPO, Akerson recognized Liddell’s leadership over the last year noting four quarters of sustained profitability, a strengthened balance sheet and the elimination of material weakness in the financial reporting process.
Dan Ammann will succeed Liddell as General Motors chief financial officer, effective April 1, 2011. Ammann, 38, is currently GM vice president, finance and treasurer.
“Dan’s depth of knowledge of the financial community and our business will be instrumental as we continue to earn the trust of global investors and customers,” said Akerson. “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.”
Since joining the company in March, 2010, Ammann has led the GM Treasurer’s Office, based in New York, with operations around the world. Prior to GM, Ammann was managing director and head of Industrials Investment Banking for Morgan Stanley and was instrumental in many high profile assignments spanning a variety of technology, service, and manufacturing clients.
“I came to General Motors to be part of something great,” said Liddell. “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.”
A successor for Ammann in GM’s Treasurer’s Office will be announced at a later date.
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About General Motors: General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 202,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 30 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM’s largest national market is China, followed by the United States, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on the new General Motors can be found at www.gm.com.
Forward-Looking Statements: In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products.
GM’s most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
CONTACT(S):
Renee Rashid-Merem
313-701-8560
renee.rashid-merem@gm.com
Lori Arpin
313-316-4291
lori.arpin@gm.com