General Motors' Chief Accounting Officer Retires

On Wednesday, General Motors (NYSE: GM  ) announced that after a 36-year career at the company, Vice President, Chief Accounting Officer, and Controller Nick Cyprus has decided to retire. To replace him, GM is poaching Applied Materials (NASDAQ: AMAT  ) Vice President, Chief Accounting Officer, and Corporate Controller Thomas S. Timko.

Timko will take over Cyprus' duties and positions effective March 18, after which Cyprus will remain at the company in some other capacity until the date of his official retirement, July 15.

Picking a semiconductor equipment maker exec to replace a hard-boiled car guy may seem a strange choice. But GM notes that Timko has experience in all the roles necessary to do the job -- ensuring "financial due diligence and integration," developing "consolidated strategic and annual operating plans," providing earnings guidance to Wall Street, and so on. Plus, before taking on the CAO role at Applied Mats, Timko was CAO at Delphi Automotive.

And the kicker? According to GM Chief Financial Officer Dan Ammann, Timko has "a 1968 Corvette in his garage."

GM investors certainly liked the news. On a down day for the Dow Jones Industrial Average, GM shares were up 0.4%, closing at $28.67.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2254623, ~/Articles/ArticleHandler.aspx, 10/21/2014 9:32:53 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement