GM Announces Executive Appointments In Finance

GM Announces Executive Appointments In Finance

GM VP Feldstein Takes On Additional Finance Responsibility Schmidt Named To Top Investor Relations Post Young To Head North American Finance

DETROIT - General Motors Corp. today announced some key changes in its corporate and North American finance operations.

Eric A. Feldstein has been appointed vice president, finance and treasurer, effective immediately. He will continue to report to GM Vice Chairman and Chief Financial Officer John M. Devine. Feldstein, 42, has been vice president and treasurer since December 1997. In this new position, he retains his current responsibilities as treasurer with responsibility for the treasury operations in New York, Detroit, Brussels and Singapore. In addition, he assumes responsibility for the Detroit-based Controller's Staff and Worldwide Tax Staff.

"Eric has done an outstanding job as treasurer in leading GM's efforts to strengthen its financial position," Devine said. "In this expanded role, Eric will work closely with Corporate Controller Wally Creek and Chief Tax Officer Roger Wheeler to better integrate the efforts of the entire finance organization as we strive toward achieving superior financial results on a consistent basis."

In addition, GM today announced that Paul W. Schmidt, currently executive in charge of finance for GM North America, has been named executive in charge of investor relations, effective August 1. In this position, Schmidt, 56, will report to Devine and will have responsibility for managing the interface between GM and its institutional investors and financial securities analysts.

Ray G. Young, currently executive in charge - GM Suzuki Liaison in Tokyo is named GM North America vice president and chief financial officer for that business unit, succeeding Schmidt. Young, 39, will report to GM North America President Ronald L. Zarrella and will join the North American Strategy Board.

Feldstein joined General Motors in 1981 and progressed through the financial organization. He was promoted to regional treasurer - Europe, based in Brussels, in 1991, and in 1993 returned to New York as assistant treasurer of GM. In 1996, he was appointed executive vice president and chief financial officer for General Motors Acceptance Corp. (GMAC). In 1997, Feldstein was elected vice president of General Motors Corp. and treasurer. Feldstein holds a bachelors degree in economics from Columbia University (1981) and a masters of business administration from Harvard University (1985).

Schmidt joined General Motors in 1968 and subsequently held financial positions in Chevrolet, Corporate Finance and the Treasurer's Office. He also served as the plant manager at the Fisher Body Pittsburgh plant and the program manager for the mid-size car platform known as the GM-10. In 1991, Schmidt was appointed vice president-GM Europe finance and in 1994 was appointed as executive-in-charge of North American finance. Schmidt holds a bachelors degree in engineering from Princeton University (1967) and a masters of business administration from Harvard University (1969).

Young joined General Motors of Canada in 1986. In 1988, he joined the Treasurer's Office and served in various positions in New York and as regional treasurer in Brussels. In 1996, he returned to Canada as vice president and finance manager of CAMI, GM's joint venture operation with Suzuki in Canada, and in 1998 was appointed executive-in-charge - Suzuki Liaison in Japan. Young holds a bachelors degree in business administration from University of Western Ontario (1984) and a masters of business administration from University of Chicago (1986).