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Old 12-01-2009, 03:26 PM   #1
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GM CEO Henderson resigns after 8 turbulent months

Just saw an AP release that Fritz Henderson resigned. ??

Bob

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DETROIT General Motors' CEO Frederick "Fritz" Henderson has resigned after eight turbulent months as head of the largest U.S. automaker. The company said Tuesday that Chairman Ed Whitacre Jr. will serve as interim CEO. The company plans an international search for a new president and chief executive.

At a press conference here, Whitacre read a brief statement thanking Henderson for his work during a period of challenge and change.

Henderson, 51, succeeded Rick Wagoner on March 29 after the Obama administration ousted GM's former CEO as the company worked through a government-led reorganization.

Henderson spent the next few months working with the government to reorganize the automaker outside of bankruptcy, but eventually took the company into Chapter 11 protection in June.

With the government's help, the company emerged from court protection in just 40 days cleansed of massive debt and burdensome contracts that would have sunk it without federal loans.

Henderson continued to downsize the automaker after its emergence from bankruptcy. He sought to scale down GM to just four core brands: Chevrolet, Cadillac, Buick and GMC.

While he has largely succeeded in that goal, attempts to sell the company's other brands have hit obstacles.

The company is winding down Pontiac and was successful in winning a tentative sale of Hummer to a Chinese construction machinery maker.

However, Henderson's bid to sell Saturn to racecar mogul Roger Penske fell through and the brand is now liquidating. Last week, Swedish sports car maker Koenigsegg Automotive AB dropped out of a deal to buy Saab.

Last edited by KILLER74Z28; 12-01-2009 at 04:38 PM. Reason: Merged
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Old 12-01-2009, 03:27 PM   #2
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Not that I know of.
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Old 12-01-2009, 03:30 PM   #3
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Scratch that, press conference on media.gm.com right now.
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Old 12-01-2009, 03:30 PM   #4
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yup... It is real... press conf in 10 minutes.

http://www.businessinsider.com/gm-ce...g-down-2009-12
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Old 12-01-2009, 03:30 PM   #5
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Quote:
Originally Posted by bobscogin View Post
Just saw an AP release that Fritz Henderson resigned. ??

Bob


It's true,,, I saw it too.
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Old 12-01-2009, 03:31 PM   #6
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Ughh...elevator music.
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Old 12-01-2009, 03:32 PM   #7
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Not that I know of.
If it's true, I guess that leaves Chairman Ed Whitacre in charge, who said:

I dont know anything about cars, Whitacre, 67, said yesterday in an interview after his appointment. A business is a business, and I think I can learn about cars. Im not that old, and I think the business principles are the same.

That's really encouraging.

Bob
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Old 12-01-2009, 03:34 PM   #8
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Wow... I wonder what is really going on inside GM.
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Old 12-01-2009, 03:35 PM   #9
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WTF
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Old 12-01-2009, 03:36 PM   #10
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Quote:
Originally Posted by bobscogin View Post
If it's true, I guess that leaves Chairman Ed Whitacre in charge, who said:

I dont know anything about cars, Whitacre, 67, said yesterday in an interview after his appointment. A business is a business, and I think I can learn about cars. Im not that old, and I think the business principles are the same.

That's really encouraging.

Bob
Oh trust me, Whitacre is exactly who GM needs right now...the improvements I've seen come out of him in the past few months and his business philosophy are outstanding. Just look at all the new advertising GM's running now. Lutz told Whitacre it would cost a ton of money for these new ads, and Whitacre told him to spend it.

It's about time we have someone who isn't a beancounter at the helm.
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Old 12-01-2009, 03:36 PM   #11
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Fritz is Out????

I just heard on Fox news that Fritz Henderson is resigning???
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Old 12-01-2009, 03:37 PM   #12
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Press conference on media.gm.com beginning shortly.
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Old 12-01-2009, 03:40 PM   #13
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General Motors CEO to Resign

http://www.msnbc.msn.com/id/34227871/ns/business-autos/
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Old 12-01-2009, 03:41 PM   #14
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Thank God. This is awesome news.
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Old 12-01-2009, 03:41 PM   #15
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bye
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Old 12-01-2009, 03:43 PM   #16
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Everyone who has been at the top has the $$ to retire rather than work for the government so no surprise. Not to diminish the fact that (we) and the government bailed these guys out but we should expect about 1 CEO per 8-12 months until the government is paid off.
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Old 12-01-2009, 03:44 PM   #17
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Fritz! We hardly knew ye!
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Old 12-01-2009, 03:49 PM   #18
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CNN is reporting it too. Here is the Fox link: http://www.foxnews.com/story/0,2933,578526,00.html

FoxNews also says chairman of the board Ed Whitacre Jr. will serve as the interim replacement.
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Old 12-01-2009, 03:50 PM   #19
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WTF
Nice ride and gun!
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Old 12-01-2009, 03:52 PM   #20
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Hope they find a new CEO soon...Whitacre looks/sounds like he could keel over anytime now.
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Old 12-01-2009, 03:52 PM   #21
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Frederick A. "Fritz" Henderson (born November 29, 1958) was President and Chief Executive Officer of General Motors. Prior to his appointment as CEO on March 31, 2009, Henderson was the Vice President of General Motors and has been with the company since 1984. His resignation from the CEO position was announced December 1, 2009.

Wikipedia rules!!
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Old 12-01-2009, 03:54 PM   #22
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"Assocaited Press contributed to this report."

Who contributed to this report? Never heard of them. Spell check is your friend.

So, Fritz is gonna pop smoke... interesting.
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Old 12-01-2009, 03:54 PM   #23
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Based on Whitacre's delivery of the statement he should follow Henderson out the door... I recognize he couldn't say much beyond the prepared statement but at least get the hand out of your pocket, stand in one place and deliver the message - whew. If you thought his commerical was bad this was worse IMO.
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Old 12-01-2009, 03:56 PM   #24
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Old 12-01-2009, 03:58 PM   #25
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so do you guys think this is good or bad?
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