General Motors Chief Financial Officer Ray Young has been elected to the GM Daewoo Auto & Technology (GMDAT) board of directors with the main aim of steering GM’s Korean outpost to profitability, according to a statement by GMDAT President and CEO Mike Arcamone.
“Ray Young will help drive the change needed at GM Daewoo to make the company profitable in 2010. His depth of knowledge of the global automotive industry and his financial skills will benefit the entire company,” Arcamone said.
The 47-year old Young drew criticism from President Obama’s auto task force for weak leadership leading up to GM’s bankruptcy earlier this year. He will be replaced by Chris Liddell, who was the CFO at Microsoft Corp since 2005.
GM now ownes 70.1% of GMDAT after it invested a further $416 million in October to purchase additional shares offered in an equity rights issue. The Korean outpost is GM’s global design and engineering center for small cars. The Chevrolets that we see here in Malaysia, including the Captiva and still to be launched Cruze, had most of their design work done in GMDAT.