Frederick “Fritz” Henderson has resigned as General Motors chief executive officer.
Henderson (left, in the photo above) was appointed CEO on March 29, replacing Rick Waggoner who shown the door by the Obama administration. Over the last eight months, Henderson worked at reorganizing the company. GM announced that Chairman Ed Whitacre Jr. (right, in the photo) will take over as interim CEO until a permanent replacement is found.
“Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change,” said Whitacre. “While momentum has been building over the past several months, all involved agree that changes needed to be made. To this end, I have taken over the role of Chairman and CEO while an international search for a new president and CEO begins immediately. With these new duties, I will begin working in the Renaissance Center headquarters on a daily basis. The leadership team – many who are with me today – are united and committed to the task at hand.”
During Henderson’s tenure, GM filed for Chapter 11 protection and, 40 days later, emerged from protection with help from the government. On Nov. 16, Henderson announced GM would begin paying back the government’s $6.7 billion loan.
As part of the company’s recovery efforts, GM scaled back to four key brands: Chevrolet, Cadillac, Buick and GMC. Pontiac is shutting down and GM found a Chinese buyer for Hummer. GM also came close to finding new owners for Saturn and Saab. A deal with Roger Penske for Saturn fell apart, while a deal for Saab with Koenigsegg also fell through. GM also announced today it has “has received expressions of interest in Saab” and will evaluate potential bids before the end of December.
[Source: MSNBC and Associated Press]