GM to Tap AT&T Ex-Controller As Its Top Accounting Executive

The probe stems from accounting irregularities that first surfaced at Delphi Corp., GM's former parts division. Accounting mistakes that cropped up this year at GM forced the company to restate its earnings from 2000 to 2005. In May, GM said its controller was retiring and its chief accounting...

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Bibliographic Details
Published inThe Wall Street journal. Eastern edition
Main Author Joann S. Lublin and Neal E. Boudette
Format Newspaper Article
LanguageEnglish
Published New York, N.Y Dow Jones & Company Inc 16.11.2006
EditionEastern edition
Subjects
Accounting irregularities
Appointments & personnel changes
Cyprus, Nicholas S
Executives
Resignations
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Summary:The probe stems from accounting irregularities that first surfaced at Delphi Corp., GM's former parts division. Accounting mistakes that cropped up this year at GM forced the company to restate its earnings from 2000 to 2005. In May, GM said its controller was retiring and its chief accounting officer, Peter Bible, had resigned. A person familiar with Mr. [Nicholas Cyprus]'s thinking said the new GM controller and chief accounting officer believes in settling pending probes quickly when a company does something wrong. To have good relations with the agency, this individual said, you also must avoid seeking "the minimum you can get away with." The incoming GM executive got to know a number of players in the SEC's corporate-finance division during his 22-year career at AT&T. "It was a very challenging negotiation," one acquaintance of Mr. Cyprus said. Mr. Cyprus backed down after GM assured him his authority and budget resources would provide him with "equivalent status," the acquaintance added.
ISSN:0099-9660