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General Motors said Monday it has tapped Christopher P. Liddell, chief financial officer of Microsoft Corp. (MSFT), to take over its troubled finance operations. Liddell, 51, will be GM's first permanent top management hire from outside the company since it left bankruptcy protection in July.
Liddell joined Microsoft in 2005, and led the company's efforts this year to cut $3 billion in costs in light of the economic meltdown. These efforts included Microsoft's first mass layoffs, wage freezes, and cuts to employee travel. The stockpiling cash was also a priority during Liddell's tenure, which Microsoft announced last month would end on Dec. 31.
"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," said GM CEO Ed Whitacre, who became the company's interim CEO after the board forced out Fritz Henderson earlier this month. Liddell, who has no automotive experience, will join GM on Jan. 1.
Liddell earned $3.7 million from Microsoft this year and will receive an additional $1.9 million after leaving the company. However, his earnings at GM will be restricted, at least initially, due to executive pay limits tied to the $50 billion GM borrowed from the federal government in the past year.
Among his expected responsibilities will be overseeing a public stock offering of GM, which could come as soon as next year.
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