GM's head of U.S. sales leaving

DETROIT, Oct. 7 (UPI) -- General Motors Co. said its head of U.S. sales, Mark LaNeve, would leave the company as part of a long-term shake up following its bankruptcy proceeding.

In a conference call, Chief Executive Officer Fritz Henderson ended suspicion that Chief Financial Officer Ray Young would be the next to leave, The New York Times reported Wednesday.

"There's a lot of rumors," Henderson said. "Ray is our CFO."

Henderson said GM would attempt to issue a stock offering next year that would help the company slide out from under the government's thumb. After providing GM with $50 billion in taxpayer funds, GM emerged from bankruptcy 60 percent owned by the federal government.

"There's an awful lot of work under way to prepare for it," Henderson said. "The most important thing we need to do is produce business results."

He also said, "I view this as both a sprint and a marathon," reflecting the goals of short-term and long-term success.

As of Oct. 1, GM held 11.9 percent of the global market share and 19.5 percent of U.S. market share, the Times said.