Ray Young, 47 years old, will start his duties as General Motors Co.'s new vice president of international operations on February 1. In the past weeks, many speculations have been heard about Young's future as GM's finance chief. In a statement, GM specifies that Young will report to International President Tim Lee beginning February.
Young is also tasked to lead the unit's finance activities and have other roles that have yet to be clarified. He will continue to serve as the CFO until a successor is named.
Chairman and interim CEO Ed Whitacre also prepared a statement, praising Young for being instrumental in leading the company through a complicated bankruptcy.
Whitacre pointed to Young's "vast global experience and financial expertise" as being essential in managing the challenges and dynamics of growing its international business.
Since summer, reports have stated that GM was seeking to replace Young. It was in March 2008 that Young became CFO, taking over for Fritz Henderson.
Earlier this month, Henderson was ousted as CEO while his predecessor, Rick Wagoner, was removed in March by the Obama administration in advance of the Chapter 11 filing.