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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