Opel CFO Jumps Ship
December 3rd, 2009 10:16 AM
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The departures from GM are piling up fast. After CEO Fritz Henderson was ousted yesterday, MarketWatch reports that Opel’s CFO Marco Molinari has left the firm. This completes a gutting of GM’s financial operations, that includes the departure of GM International CFO Joe Peter, and the any-day-now departure of GM CFO Ray Young. Like the GM mothership, Opel is now without a permanent CEO and CFO. GM CEO and Chairman Ed Whitacre has a ton of hiring to do, and fast.
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Mulally is succeeding so far due to the sponsorship of Bill Ford and Bill letting go enough to let Mulally do what needs to be done. Will Whitaker do the same? Sounds unlikely. Not that it matters as our Congress and President appear to be set on bailing out GM and its subsidiaries in perpetuity.
And in the engineering departments across the world, GM engineers are giving each other fist bumps and geeky hand shakes.
The departures are the work of Ed Whitacre: http://www.bloomberg.com/apps/news?pid=20601103&sid=av3qqKPBylWY
As lw suggested in Henderson thread, there's bad news around the corner from GM. Opel might be about to cost GM much more than they've been saying, perhaps more like the amount Moodys came up with. Whitacre was told $3b, told Magna to get lost, and now the figure is $8b plus.