Fritz Henderson to resign from GM

[the Teuton]

Wow, this is surprising news!

AP Sources: GM CEO Henderson to resign

NEW YORK (AP) -- People familiar with the matter say General Motors' Chief Executive Frederick "Fritz" Henderson will resign. The company's chairman of the board Ed Whitacre Jr. will serve as interim replacement.

These people requested anonymity because the news has not yet been announced.

http://finance.yahoo.com/news/AP-Sources-GM-CEO-Henderson-apf-3050223170.html?x=0

[93JC]

Why is this surprising? He's got a whole bunch of government goons telling him what to do. I'd resign too, call it a voluntary retirement. He'll probably get a huge retirement package.

[FoMoJo]

I just watched the press conference on CNBC.  Looks like he was given the boot.  Whitacre, currently the Chairman of the Board, will assume duties as CEO until they find a new one.  I get the impression that he, the Board, and Henderson did not see eye to eye.

[the Teuton]

I think GM is dead. I'll add more to that thought when I get back from putting dinner into the oven.

[93JC]

You think GM is dead because Fritz Henderson will be gone? Did you think GM was dead when they canned Rick Wagoner?

It doesn't really matter who they put up top: he won't be calling the shots anyway.

[3.0L V6]

The revolving door of CEOs is a fun game. It inspires confidence in the management of these companies.

[GoCougs]

Who wouldn't quit - our government found it proper to slash the dude's pay 25% this year, to just under $1MM.

LOL - under $1MM to be CEO of an institution as absolutely mammoth as GM???

Marxist fail.

[TBR]

You think GM is dead because Fritz Henderson will be gone? Did you think GM was dead when they canned Rick Wagoner?

It doesn't really matter who they put up top: he won't be calling the shots anyway.

The problem is he's just the first of many. No one's going to want to stick around in that environment for a comparative pittance. GM isn't going to be able to succeed with a lack of consistency and talent at the highest level.

Remember the CFO they canned 3 months ago? I am 95% certain he's still plugging away because no one else will take the job. Pretty admirable on his part actually.

[the Teuton]

This is why socialism cannot work in a capitalistic society.

It's a matter of time before it becomes unenviable for everyone but the UAW workers who got their way and entry level employees to work there. Even then, morale will be (and probably is already) pretty low there.

[the Teuton]

Sarah Henderson for president!



http://jalopnik.com/5416549/daughter-of-resigned-gm-ceo-attacks-new-gm-ceo-on-facebook

[Colonel Cadillac]

I thought they needed to bring in somebody from the outside to lead the company in a new direction. Fresh blood, there's a lot wrong with GM. Of course, Congress has gone scared away all the good CEOs...

[the Teuton]

Whitacre isn't fresh blood. He's no Alan Mulally.

[Colonel Cadillac]

Whitacre isn't fresh blood. He's no Alan Mulally.

He was the CEO of AT&T only 2 years ago.

[the Teuton]

He was the CEO of AT&T only 2 years ago.

And Mulally restructured Boeing to make it internationally competitive in the midst of strong rivals entering the marketplace. What's your point? What has he done to deserve to be the CEO of GM?

[Colonel Cadillac]

And Mulally restructured Boeing to make it internationally competitive in the midst of strong rivals entering the marketplace. What's your point? What has he done to deserve to be the CEO of GM?

He's only the interim chief, and he's has had an incredible career. I know Mulally restructured Boeing, but Whitacre's done some pretty amazing things. Plus, the whole corporate culture at GM is one of its biggest problems, IMO, and needs an overhaul of it all from someone outside of the industry.

[the Teuton]

Let's see if Whitacre can play ball then.

I just think this move might have been too soon.

[Laconian]

[r0tor]

Why is this surprising? He's got a whole bunch of government goons telling him what to do. I'd resign too, call it a voluntary retirement. He'll probably get a huge retirement package.

The odd thing is wasn't he put in by the governemnt goons to begin with?

[r0tor]

The quote from the dealer above is even more telling of GM's death... They would do better if their cars were easier to work on????  You dumbass, people went to Toyota/Honda so they wouldn't have to work on them in the first place 

[Colonel Cadillac]

The odd thing is wasn't he put in by the governemnt goons to begin with?

I think the government just ousted Wagoner, and then Henderson was just next in line.

[TBR]

I think the government just ousted Wagoner, and then Henderson was just next in line.

I highly doubt he was their ideal solution. But, for less than a million they aren't going to get an ideal solution.

[FoMoJo]

He's only the interim chief, and he's has had an incredible career. I know Mulally restructured Boeing, but Whitacre's done some pretty amazing things. Plus, the whole corporate culture at GM is one of its biggest problems, IMO, and needs an overhaul of it all from someone outside of the industry.

I agree.  They need someone who can view the company structure objectively and chop off pieces where necessary.

[the Teuton]

What did Whitacre do before 1998?

http://en.wikipedia.org/wiki/Ed_Whitacre

[ChrisV]

In GM's case, there were a lot of young lions in the company that have been trying to get the company restructured. They simply werne't in the accounting department, so weren't in the natural line of succession. Looking for an outsider ignores those inside that do have merit and have been trying hard to knock out the old guard themselves. The same was tried years back with Smale & Co.

Mulally was a successful exception because he came from an industry that has a lot in common with the auto industry -- long product development cycles, lots of testing and regulatory compliance, etc. So he had some common sense about what is involved in these kinds of projects. Most industries, especially tech industries, aren't like that.

[Byteme]

Mulally was a successful exception because he came from an industry that has a lot in common with the auto industry -- long product development cycles, lots of testing and regulatory compliance, etc. So he had some common sense about what is involved in these kinds of projects. Most industries, especially tech industries, aren't like that.

Taht and the real owners of Ford, the Ford Family, gave Mulally their virtual unconditional backing.

[the Teuton]

[FoMoJo]

Encouraging...Whitacre shakes up GM's top brass

Edward Whitacre Jr. seized the reins at General Motors Co. three days into his tenure as CEO and reshuffled the automaker's management team, giving more responsibility to younger executives and women and emphasizing accountability as a core GM value.

Accountability sounds like a good goal.  Seems to have been lacking for a long time at GM.

[dazzleman]

What a joke this whole thing is.  I really hope Ford makes it.  It would be an absolute travesty to have these goverment-propped basket cases run the only legitimate US automaker out of the business by using the illegitimate power of the government.

[AutobahnSHO]

The quote from the dealer above is even more telling of GM's death... They would do better if their cars were easier to work on????  You dumbass, people went to Toyota/Honda so they wouldn't have to work on them in the first place 

HAHA
I changed the Sienna's oil today. (My first time working under it.) When I saw where the filter was, I thought- JERKS!!!
-It's kinda high up,and almost exactly horizontal, without a ton of room to get a wrench on it.



BUT
There is a little plastic lip to direct dripping oil onto another plastic funnel-looking device so the drips slide off and drop straight down instead of dripping all over the block.
FRIGGIN GENIUS.

-------------------------------------------
I HATE GM cruise control.
Don't really care for ANY of their designs (sorry- except for the corvette!)
And really wish they'd go under just to set an example for the rest of the UAW TARDS...

[Raza]

Fine, fine.  I'll do it for $750K a year plus performance based bonuses.