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GM Cancels Request For $14.4 Billion DoE Loan

Amit Chowdhry | January 28, 2011 | 527 views | 42481Add a Comment2011-01-28+18%3A59%3A39Amit+Chowdhry
Categorized under Chris Liddell, General Motors Company, GM

General Motors Company (NYSE:GM) is withdrawing a loan application today from the U.S. Department of Energy. The application was asking for $14.4 billion in direct loans from the Energy department. The government created a loan program called the Advanced Technology Vehicles Manufacturing Loan Program where $25 billion was available in direct DoE loans for companies that were revamping their factories to help improve fuel economy.

General Motors Loses $4.3 Billion, But Expects Profitability This Year

Amit Chowdhry | April 8, 2010 | 490 views | 29341Add a Comment2010-04-09+00%3A35%3A53Amit+Chowdhry
Categorized under Chris Liddell, General Motors, GM

General Motors filed for bankruptcy last July and even received $50 billion in federal loans. So far the company has lost about $4.3 billion since, but the car company expects to be profitable this year. The car company also claims to be able to pay back the investment to both the U.S. and Canada in the next few months according to GM CFO Chris Liddell.

“As the results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010…,” said Liddell. “We are also dedicated to delivering on our commitments to our stakeholders. For example we remain committed to repaying the outstanding balance of the U.S. Treasury and Export Development Canada loans by June 2010 at the latest.”

The car company also plans to go public again very soon. “Going public will enable the company to invest in designing, building and selling the world’s best vehicles, attract the best people and access the capital markets. One of the most important measures in establishing the foundation for going public is the company’s ability to return to sustainable profitability,” said GM in an official statement. [Consumerist]

Microsoft CFO Chris Liddell Becomes CFO Of General Motors

Amit Chowdhry | December 21, 2009 | 1,206 views | 234602 Comments2009-12-22+00%3A15%3A02Amit+Chowdhry
Categorized under Chris Liddell, Ed Whitacre, General Motors Company, GM, Microsoft Corporation

Microsoft Corporation (NASDAQ:MSFT) Chris Liddell has left the software giant to become the CFO and vice chairman of automotive giant General Motors. Liddell was made the CFO of Microsoft in May 2005 and he is leaving at the end of the month from Redmond to Detroit. Below is the full press release:

Chris Liddell has been appointed General Motors vice chairman and chief financial officer, it was announced today. Liddell was most recently CFO for Microsoft Corp., a post he held since May 2005.

“Chris brings a depth and experience to this job that were unmatched in our search for a new financial leader,” said Ed Whitacre, GM chairman and CEO. “Chris will lead our financial and accounting operations on a global basis and will report directly to me. We’re also looking to his experience and insights in corporate strategy as a member of the senior leadership team in helping our restructuring efforts.”

Liddell will start with GM in the new year. While at Microsoft, Liddell was responsible for leading Microsoft Corp.’s worldwide finance organization, which included overseeing acquisitions, corporate strategy, treasury activities, tax planning, accounting and reporting, internal audit, and investor relations. He is leaving Microsoft on December 31 of this year.

Before joining Microsoft, Liddell was CFO at International Paper Co., the world’s largest forest products company, with similar responsibilities. Prior to that, he was chief executive officer of Carter Holt Harvey Ltd., then New Zealand’s second-largest listed company. He also has worked as an investment banker as managing director and joint CEO for CS First Boston NZ Ltd.

Liddell, 51, holds an engineering degree with honors from the University of Auckland, New Zealand, and a Master of Philosophy degree from Oxford University in England. He has served as director of the New Zealand Rugby Union and governor of the New Zealand Sports Foundation. He is a distinguished alumnus of the University of Auckland. Liddell was a member of the Securities and Exchange Commission’s Advisory Committee on Improvements to Financial Reporting.