Only months after taking the helm of General Motors from CEO Rick Wagoner who was ousted by the Obama administration in March, Fritz Henderson announced his resignation as Director, President and CEO of the company on Tuesday. Henderson will be succeeded on an interim basis by GM's chairman, Ed Whitacre, 68, while an search for a new president and CEO starts immediately."
Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change," said Whitacre in a prepared statement. "While momentum has been building over the past several months, all involved agree that changes needed to be made."
"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," Whitacre concluded.
6 Comments:
GM is living on life support as all these measures should have been taken at the beginning of the bailout versus now. GM will be six-feet under before long. The taxpayer bailout has just lined the pockets of the clowns in upper-management. Where is the taxpayers' oversight to protect taxpayers' interest? GM simply offers nothing of any sustainable substance to stay in business.
Just die GM. Just die. No one wants your government made cars!!!
$10k of taxpayer dollars goes to each car sold this year. Are they worth that much money?
Chrysler, won't you please follow through and die also.
Ford, thank you for not taking my money in a bailout. If you need bailout money, then die off also. If not, good for you.
The first rat has left the sinking ship
I think its funny seeing old school fritz was only there temporarily until they finally replaced wagoneer and he couldn't even make it that long !
do you all really understand what happens to the global economy if GM goes under? or if chrysler goes under? the ramifications far exceed just "lining the pockets of some executives" as you put it.
Of course they don't understand it, they're damn simpletons. All they care about is their end of the pie, what taxes they pay. Just die, GM? Sounds like more of a personal vendetta than a true understanding of GM's place in the American economy. Sure, you hate them. But imagine if they actually did die just for your sake. Hundreds of thousands of people once employed for GM and it's business partners would be out for blood. And they would be out for you.
GM will not die just so you can pay less taxes. If GM did die, I'm sure the government (ooh, more government, don't you hate it?) would step in to help all those unemployed. They would use government money (your taxes) to give them income until they found another job.
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