GM Names Wagoner as Head of Purchasing

General Motors Corp. named Chief Financial Officer Richard Wagoner as head of worldwide purchasing Monday, replacing J. Ignacio Lopez de Arriortua, who left for Volkswagen last month.

GM said Wagoner, 40, will continue to serve as CFO, but that GM Vice President Leon Krain will oversee daily staff operations of the financial group.

John Smith, GM’s chief executive, cited Wagoner’s international experience as the major reason for the board’s decision.

In his new post, Wagoner will oversee GM’s $50-billion annual purchasing budget and continue to serve on GM’s North American and international strategy boards.

Wagoner is one of GM’s youngest senior executives. He previously worked in GM’s Latin American and Canadian units before becoming vice president of finance at GM Europe in 1989.

Smith promoted him to executive vice president and chief financial officer last November. Before that he was general manager of GM Brazil.