GM Taps Former Ford Exec to Be Vice Chairman and CFO

General Motors Corp. on Wednesday named former Ford Motor Co. Chief Financial Officer John Devine as its CFO and vice chairman. Devine, 56, returns to the auto industry after a short stint in the “dot-com” sector.

Devine, who left Ford in September 1999 after a management shake-up, joined GM a day after the auto maker announced plans to kill its Oldsmobile brand and cut its worldwide work force by about 4% in the wake of slowing vehicle sales.

Devine will officially assume the post Jan. 1, but will start work immediately, GM said. He succeeds J. Michael Losh, who retired Sept. 1.

“When I look at General Motors, I see opportunity,” Devine said at a news conference in Detroit. “I see opportunity obviously in the stock price. I wouldn’t be here otherwise.”

Devine will work with fellow Vice Chairman Harry Pearce as GM seeks to unlock the value of its Hughes Electronics Corp. unit, perhaps through a sale or a partnership. Pearce said Wednesday that GM is still in discussions with “multiple parties” concerning Hughes.

Devine had been mentioned as a dark horse contender for Ford CEO when he was made an executive vice president in 1996.

When he left Ford, Devine said he wanted “wider responsibilities” elsewhere. He became chairman and chief executive of Fluid Ventures, an e-business venture services firm with offices in San Francisco and New York.

GM shares rose $1.44 to close at $53.19 on the New York Stock Exchange.