« | »

GM (Obama-Motors) CEO Is Forced Out

From those Prius drivers at the Associated Press:

GM CEO Henderson resigns after 8 months

By Tom Krisher And Ken Thomas, Associated Press Writers Tue Dec 1

DETROIT – General Motors Co. CEO Frederick "Fritz" Henderson stepped down Tuesday after the board determined that the company wasn’t changing quickly enough.

Chairman Ed Whitacre Jr. said at a hastily called news conference that he will serve as interim CEO, and an international search for a new CEO and president is planned.

Whitacre thanked Henderson for his work during a period of challenge and change, but said it is time to accelerate the pace of rebuilding the largest U.S. automaker.

The resignation comes just eight months after Henderson, 51, replaced former chairman and CEO Rick Wagoner, who was ousted March 29 by the Obama administration’s government’s auto task force.

Henderson has been with GM his entire career and was the government’s choice to run the beleaguered company after Wagoner left. Whitacre, picked by the government in June to be chairman of the new GM, is considered an industry outsider, having run AT&T Inc. for 17 years.

Whitacre and the board have become increasingly active in the company’s decisions, at times challenging some of Henderson’s decisions. In November, the board voted to abandon plans to sell GM’s European Opel unit. That reversed an earlier option favored by Henderson to sell it to a consortium led by Canadian auto parts supplier Magna International Inc.

"Based on the determination of the board and the pace of the change in the company, it was determined that it was best to initiate a change in direction," spokesman Chris Preuss said.

An Obama administration official said in a statement that "this decision was made by the Board of Directors alone. The Administration was not involved in the decision." …

Henderson was scheduled to be the keynote speaker at the Los Angeles Auto Show on Wednesday. GM Vice Chairman Bob Lutz will now deliver the address.

Probably “after the board determined that the company wasn’t changing quickly enough,” means Mr. Obama doesn’t like it that SUVs are still making money for his car company. (There is still no word on how their new ‘Cadillac’ fragrance line is doing.)

After all, why take it over if you can’t get your way?

And of course Mr. Whitacre can fill Mr. Henderson’s shoes.

Even though Mr. Henderson was with General Motors for his entire adult life and Mr. Whitacre proudly announced back in June: “I don’t know anything about cars.”

This is the Age Of Obama.

A good moral compass will always trump on the job experience.

(Thanks to Rusty Shackleford for the heads up.)

This article was posted by Steve on Wednesday, December 2nd, 2009. Comments are currently closed.

4 Responses to “GM (Obama-Motors) CEO Is Forced Out”

  1. Rusty Shackleford says:

    Trouble in paradise!

    GM CEO Henderson resigns after 8 turbulent months

    By TOM KRISHER and KEN THOMAS, Associated Press Writers Tom Krisher And Ken Thomas, Associated Press Writers – 4 mins ago

    http://news.yahoo.com/s/ap/20091201/ap_on_bi_ge/us_gm_ceo_resigns

    DETROIT – General Motors Co. CEO Frederick “Fritz” Henderson stepped down Tuesday after the board determined that the company wasn’t changing quickly enough. Chairman Ed Whitacre Jr. said at a hastily called news conference that he will serve as interim CEO, and an international search for a new CEO and president is planned.

    Whitacre thanked Henderson for his work during a period of challenge and change, but said it is time to accelerate the pace of rebuilding the largest U.S. automaker.

    The resignation comes just eight months after Henderson, 51, replaced former chairman and CEO Rick Wagoner, who was ousted March 29 by the Obama administration’s government’s auto task force.

    Henderson has been with GM his entire career and was the government’s choice to run the beleaguered company after Wagoner left. Whitacre, picked by the government in June to be chairman of the new GM, is considered an industry outsider, having run AT&T Inc. for 17 years.

    The AP is losing it’s fear of pointing out that the government is in charge now.

    An Obama administration official said in a statement that “this decision was made by the Board of Directors alone. The Administration was not involved in the decision.”

    Why do I have trouble believing that?

    Henderson replaced Wagoner a few months before GM entered bankruptcy protection and led the company through a painful government-led and court-supervised reorganization.

    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.

    Yes, by illegally shafting the shareholders and wiping out their investments. And those legally binding “burdensome contracts” were just blatantly ignored. But hey, fair is fair. Redistribution is the key. Oddly, the “burdensome contracts” the UAW had with the carmaker were rigidly adhered to. How strange.

  2. Tater Salad says:

    Whitacre and Obama are what we call butt buddies!

  3. Reality Bytes says:

    Obama Claims He Won Car & Driver Auto Exec of the Year NOT.

    From the article:

    So imagine our surprise when, at the annual White House Correspondents’ Association dinner Saturday night, President Barack Obama announced—before we did—that Car and Driver named him Auto Executive of the Year. Our surprise was doubled by the fact that, well, we didn’t. We’ve never given such an award. A little explanation is perhaps in order.

    http://www.caranddriver.com/news/car/09q2/president_barack_obama_misreads_car_and_driver-car_news

    Seems the token “Low Level Staffer” took the free issue of Car & Driver sent to the President was the award. AND OBAMA THOUGHT SO TOO.

    WOW!!! FROM HEALTHCARE, THE ECONOMY, THE ART OF WAR & NOW THE NO. 1 AUTO EXECUTIVE IN THE WORLD. LEONARDO VA VINCI MUST BE SPINNING IN HIS GRAVE.


« Front Page | To Top
« | »