: Breaking: GM CEO Fritz Henderson Out; Ed Whitacre In.

12-01-09, 05:29 PM
GM CEO Fritz Henderson to resign after 8 months as CEO of General Motors. Chairman Ed Whitacre Jr. will serve as the interim CEO.

Read More... (http://news.yahoo.com/s/ap/20091201/ap_on_bi_ge/us_gm_ceo_resigns)

12-01-09, 06:39 PM
When they say "Obama out...", then I'll get excited. Until then -- fail...

12-01-09, 07:06 PM
What is whitacre's background?

12-01-09, 07:16 PM
What is whitacre's background?

Former AT&T CEO and former president of the boy scouts.

12-01-09, 07:19 PM
What is whitacre's background?

Industrial Engineering Degree from Texas Tech, formerly a telecom executive who was head of SBC Communications when they bought AT&T and then became chairman of the new AT&T. He was the current admin's choice to lead GM but somehow they came to an agreement where he ended up as Chairman and Henderson was CEO.

Ed Whitacre's background according to WSJ (http://blogs.wsj.com/deals/2009/06/09/the-411-on-ed-whitacre-gms-new-chairman/)

Initial rumors are that Bob Lutz is rumored to be on the short list to take the reins, which I personally feel would be a good thing given what he has already done for them.

12-01-09, 07:27 PM
Ed Whitacre is not a car guy, he even admitted it. But, he did a hell of a lot of good work for AT&T and I like the Boy Scouts backround, it gives you a good sense of morals and values, and he's old, but that shows experience. I just hope he's not a beancounter like Roger Smith was and thereby draining all the coolness from their cars. I like the idea of Bob Lutz running GM though the most, he's a CAR NUT and brought spearheaded some of GM's best cars in the last few years.

c5 rv
12-01-09, 08:30 PM
Speculation in Detroit is that the board is looking for an Adam Mulally (Ford) type of exec - a car industry outsider with a strong CEO track record. They have been interviewing CFO candidates and maybe they have someone in mind.

12-01-09, 11:52 PM
Yes, AT&T has had a long line of real management geniuses for the past thirty-five years. These wizards managed to lead the company from ill informed disaster to another taking the company on an ever steeper downhill slope to a point where for all intents and purposes At&T ceased to exist. Way to go guys, and for this the shareholders paid very good salaries, bonuses and golden parashutes.

Moral of the story "don't believe what you read in the business and other press." They don't call PR guys "Flacks" for nothing. My guess is that GM's current management is made up of the same old "Peter Principaled" out old boys that got us where we are today .... in a world business and economic hurt. Bringing in "has beens" from am industry (communications) that has produced nothing but follow the herd to oblivion senior managers.

But then what can you expect from a government regime that following the biggest loss of confidence in the world's financial system (totally justified) put the guys whose policies and actions brought about the finacial disaster back in charge of rebuilding and "regulating" the financial industry.

12-02-09, 12:06 AM

c5 rv
12-02-09, 08:17 AM
I wonder if Fritz has a daughter ... anymore.

Also, to correct my brain fart from last night, Ford's CEO is ALAN Mulally, not Adam.

12-02-09, 08:44 AM
I wonder how that daughter feels about Obama being her ex-step-mother...?


12-02-09, 02:35 PM
Apparently, Mr. Whitacre and Co. weren't satisfied with Mr. Henderson's pace of reforming GM, particularly in shedding the extraneous brands. It's really no surprise, though. Ol' Fritz practically had "placeholder" tattooed on his butt.