Fritz Henderson gone as head of GM

I wonder if the recent missteps with Opel and Saab had anything to do with this.  CNN Money reports:

In a surprise move, General Motors chief executive Fritz Henderson resigned Tuesday, giving the battered government-owned automaker its third boss in less than a year.

The move was announced by GM Chairman Ed Whitacre following what he described as a "hectic" meeting of the company’s board of directors, which had been put in place with government oversight after the company’s trip through bankruptcy earlier this year.

Whitacre said he will take over as CEO of the nation’s largest automaker until a replacement is found, and that a search for a new president and CEO would start immediately.

The Treasury Department, which owns 61% of GM stock, was informed of the move but not consulted in advance, according to GM spokesman Chris Preuss.

An administration official said the decision "was made by the board of directors alone" and that the administration was not involved in the decision.

Very big news.  Other reports say the firing occurred after the board met in which the Saab deal collapse was a prominent issue.  More details coming.

Update:  The BBC says Saab was an issue:

The news came minutes after the end of a GM board meeting to discuss the fate of its Swedish car brand Saab.

I reckon the humiliating circumstances under which Angela Merkel learned about GM reneging on the Opel deal had something to do with this as well.

  1. Joe Garma says

    This is quite a surprise as the man seemed to be well in control, and happy at the future prospects. Guess nothing is certain in life.

    By the way, as a former financial type, I can say unequivocally that you provide great (and much needed) information here.



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