GM CFO Henderson named president and COO

DETROIT (AP) - General Motors Corp. on Monday promoted Vice Chairman and Chief Financial Officer Fritz Henderson to the post of president and chief operating officer.

Henderson, 49, will be replaced as CFO by Ray Young, 46, who previously was group vice president for finance.

Young will become executive vice president and chief financial officer. Both promotions are effective immediately, the company said.

CEO Rick Wagoner said the company needed to bolster its management ranks because it has so much going on across the globe.

"Besides our massive business transformations in the U.S. and Europe, we're experiencing explosive growth in emerging markets -- in some cases, in countries where GM doesn't have a long history," Wagoner said in a statement. "The industry is in the midst of the largest technology transformation it has ever faced. And GM continues to implement a truly global automotive operating structure."

Henderson and Young will report to Wagoner, and four regional presidents will report to Henderson, including Troy Clarke in North America; Carl-Peter Forster in Europe; Maureen Kempston Darkes in Latin America, Africa and the Middle East; and Nick Reilly in the Asia-Pacific region.