GM Announces Chief Accounting Officer Transition
General Motors (NYSE: GM) today announced that Nick Cyprus, vice president, chief accounting officer and controller, has elected to retire after a 36-year career effective July 15. Thomas S. Timko will replace Cyprus effective March 18.
"Nick has made major contributions in establishing a healthy financial foundation for our company's future," said Dan Ammann, GM senior vice president and CFO. "He led the streamlining of the financial closing process, eliminated the material weaknesses that existed in the past and overhauled the controller's organization with world class accounting talent, all at a critical time in our company's history."
Cyprus was named GM Chief Accounting Officer and Controller on Dec. 1, 2006, and on Aug. 4, 2009, was appointed vice president, chief accounting officer and controller. Before joining GM, Cyprus held senior executive positions at The Interpublic Group of Companies and AT&T Corp., and held management positions at Hess Corp., Suburban Propane and PwC. He is a member of the board of directors for Reader's Digest and DigitalGlobe Inc.
Timko, 44, was previously corporate vice president, chief accounting officer, and corporate controller at Applied Materials Inc., since March 2010. In this role, he led the financial due diligence and integration for a multibillion-dollar acquisition, developed the company's consolidated strategic and annual operating plans, established shareholder and analyst guidance and streamlined internal systems and processes to leverage a shared services environment and improve stakeholder service. He also was responsible for all technical accounting policies and procedures, internal controls and external reporting to ensure the highest level of compliance with Sarbanes-Oxley and U.S. generally accepted accounting principles.
"Tom brings a wealth of experience from previous accounting, controller and financial assignments both inside and outside the auto industry," said Ammann. "I look forward to a fresh perspective he will bring to the position and, with a 1968 Corvette in his garage, to having another car enthusiast in the fold."
Timko was chief accounting officer and controller with Delphi Automotive from 2006 to 2010. He served as assistant controller for The Interpublic Group of Companies from 2004 to 2006 and at Dover Corp. from 2002 to 2004. Timko began his career with PwC in 1991.
Timko graduated from Fairleigh Dickinson University with a Bachelor of Science in Accounting in 1991.
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