Agency chief takes over GMC’s Transaction Advisor role
Detroit – GMC Corp. said Wednesday it has appointed its chief operating officer and chief financial officer as it looks to boost its business, a major turnaround in a sector plagued by cost-cutting and poor returns.GMC Chief Operating Officer Jeff Burtner and CFO Scott Waddell will take over from Doug Deere Chief Financial Officer Bill Mazeroski, who left last month to become head of the Financial Planning Department at JPMorgan Chase & Co. in New York.
Both are new hires who have been at GMC for a year.
The announcement came as GMC continues to face criticism over its decision to hire a new chief financial analyst last month and a separate chief operating economist.
In January, GMC announced that its financial planning department was taking a $100 million pay cut and cutting 1,100 jobs as part of a plan to save $200 million.
GMC has said the plan to cut costs is not in jeopardy.GM is the latest company to announce major changes in its business as the financial industry struggles with the recession and rising debt.
GM last year closed a $1.5 billion financing facility, cut its workforce by 5,000 and cut costs to $1 billion.
Last month, GM announced that it had sold a large chunk of its auto parts business to a Chinese auto parts maker.
The move came after GMC bought back about 80% of its stock in March.GM CFO Burtnner said the changes will enable GMC to focus more on its core business of financial planning, which accounts for more than 70% of GMC earnings.”GMC has an excellent track record of delivering great financial results in the face of changing markets and changing business circumstances,” Burtnedner said in a statement.
“As part of our long-term plan, we will make significant changes to the financial planning side of our business.
We will invest in this business and invest in the next generations of financial advisors and managers.”