GM CEO Fritz Henderson Resigns

1st December 2009

Former GM CEO Fritz Henderson

Fritz Henderson, who took over as GM’s CEO when Rick Wagoner was relieved of his position in March, resigned effective today, following the monthly board of directors meeting. GM Chairman Ed Whitacre will assume the title of CEO while GM conducts an international search for a permanent replacement.

Henderson, 51, was a GM lifer, who had been with GM for 25 years, and has been hurt by that image. The press and government have portrayed him as a competent manager and finance executive, but one who would not provide the kind of outside influence that GM needs. GM spokesman Chris Preuss denied any government involvement in the decision, calling it a “board decision.”

GM issued the following statement:

At its monthly meeting in Detroit today, the General Motors Board of Directors accepted the resignation of Fritz Henderson as Director, President and CEO of the company.

Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change. 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.

I want to assure all of our employees, dealers, suppliers, union partners and most of all, our customers, that GM’s daily business operations will continue as normal. I remain more convinced than ever that our company is on the right path and that we will continue to be a leader in offering the worldwide buying public the highest quality, highest value cars and trucks. We now need to accelerate our progress toward that goal, which will also mean a return to profitability and repaying the American and Canadian tax payers as soon as possible.

In closing, I want to once again thank Fritz Henderson for his years of leadership and service to General Motors; we’re grateful for his many contributions. I look forward to working with the entire GM team as we now begin the next chapter of this great company.

Henderson’s bio, according to Wikipedia:

Henderson was born in Detroit, Michigan. Henderson is a 1976 graduate of Lake Orion High School in Lake Orion, Michigan. He holds a Master of Business Administration degree from Harvard Business School and a bachelor’s degree in business administration from the University of Michigan’s Ross School of Business. During his time at Michigan, Henderson pitched for the University of Michigan Wolverines baseball team.

Since joining GM in 1984, he held a number of positions with the company until 1992 when he became GMAC group vice president of finance in Detroit.

From 1997 to 2000, Henderson became GM vice president and managing director of GM do Brasil covering GM operations in Brazil, Argentina, Paraguay, and Uruguay. Here he was successful in introducing small, inexpensive cars such as the Celta subcompact and the Meriva microvan, both produced in Brazil.

In June 2000, he was appointed group vice president and president of GM-LAAM (Latin America, Africa and Middle East) and in January 2002, he moved to Singapore as president of GM Asia Pacific where he was successful in expanding operations in Korea and China.

In 2004, Henderson was appointed chairman of GM Europe, based in Zurich, Switzerland, where he undertook substantial restructuring including significant reductions in jobs.

After becoming vice chairman and chief financial officer in January 2006, in March 2009, he became GM president and chief operating officer. At the time, the Financial Times quoted him as saying: “Being part of a turnround at GM when, frankly, many people don’t think it can be done, is exhilarating, if you like challenges. I have never had a dull day in my time at GM.”

When GM exited bankruptcy, Henderson said, “This is an exciting day for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers. We deeply appreciate the support we’ve received. We’ll work hard to repay the trust, and the money, that so many have invested in GM.”

In August 2009, Henderson refused to move the economically priced, rear wheel drive, Pontiac G8, to another GM marque after slashing the brand.

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