Tuesday, December 1, 2009

Fritz Henderson Resigns GM Post

GM CEO Fritz Henderson abruptly resigned this afternoon. No explanation was given.

From Reuters:

"General Motors needs to explain why chief executive Fritz Henderson is resigning. Replacing the group's driver could well be a good thing. After all, Henderson belongs to the old guard who drove the carmaker into bankruptcy. And as Fiat and Ford have shown, new blood from outside the industry helps power a turnaround. But the lack of an explanation from GM sends some worrying signals.

Granted, it should come as no surprise that there were growing tensions between the chief and his board - Henderson, for example, was more publicly optimistic about an initial public offering next year than chairman Ed Whitacre Jr."

Huffington Post reports that Henderson's daughter made an obscenity laced post on Facebook claiming that Henderson was fired.

Ed Whitacre , the current chairman, takes over for the interim. Whitacre(friend of Rahm Emanuel) was appointed by the government as Chairman of the Board earlier this year.

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