General Motors to lose finance chiefs

General Motors will lose its top two financial officers before the end of the
year, the struggling company has announced.

Chief accounting officer Peter Bible, 48, will resign on 1 June after almost
10 years on the job, while financial controller Paul Schmidt, 61, will retire
later this year once a successor can be found.

Bible is leaving for ‘personal reasons’ while GM said Schmidt’s retirement
was planned ‘for some time’.

The changes come as the SEC and a federal grand jury investigate GM over
precious- metal transactions and credits from suppliers, and after GM restated
its 2000 to 2004 results on 28 March this year because of accounting errors.

The news saw GM shares plunge 6% within 30 minutes of the announcement.

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