Eight months of recovery, restructuring, and turmoil later, Fritz Henderson is out. General Motors' CEO Frederick "Fritz" Henderson has resigned after eight months as head of the United States' largest automaker.
Fritz Henderson, 51, succeeded Rick Wagoner as CEO on March 29. This followed the Obama administration's ouster of Wagoner during the government-led reorganization of the company.
General Motors, in a press conference on Tuesday, said that Chairman Ed Whitacre Jr. will serve as interim CEO. The company plans to conduct an international search for a replacement. Whitacre read a brief statement during the press conference, thanking Fritz Henderson for his work during a difficult period (to say the least).
After becoming CEO, Fritz Henderson spent the next few months attempting to restructure the company outside of bankruptcy protection, but that failed. The company was forced to enter Ch. 11 bankruptcy protection in June. However, it's stay there was short, and it exited Ch. 11 in 40 days.
Since exiting Ch. 11, the company has tried to pare down its divisions, with the eventual company to consists solely of the core brands of Chevrolet, Cadillac, Buick and GMC. That would mean the storied Pontiac brand, the ill-fated Saturn brand, and the iconic Hummer brand would all be gone.
Those initiatives have run afoul of complications. Of the divisions that GM has wanted to eliminate, Saturn was scheduled to be sold to the Penske automotive group. That deal eventually fell through, and the division is to be scrapped, as is Pontiac. Saab, another division on the chopping block, also had a deal fall through. Last week, Swedish sports car maker Koenigsegg Automotive AB dropped out of a deal.
Written by Michael Santo
HULIQ.com
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