GM boss resigns
December 2nd, 2009 by Richard Aucock
GM boss Fritz Henderson has resigned, it was announced at this month’s GM board of directors meeting.
Board chairman Ed Whitacre will now take the hot seat, until a replacement can be found.
Henderson had been in the role just 8 months, and it unclear what led to the decision. GM had recently, however, announced losses of more than $1.1bn.
‘While momentum has been building over the past several months,’ said Whitacre, ‘all involved agree that changes needed to be made.’
Insiders report initial suggestions that Brit Nick Reilly could be in line for the top job.
Saab
At the same meeting, it was also confirmed that the deal with Koenigsegg to buy Saab had fallen through – and that an end of December deadline had been set to find a new buyer.
Otherwise, GM will begin the process of winding down the famous Swedish firm.
High dramas indeed over in Detroit: discussions are now expected to continue in earnest with Chinese brand Beijing Auto.
The huge Chinese maker was already part of the failed Koenigsegg deal, and many analysts view a possible rescue deal with optimism.
Supercar maker Spyker has also emerged as a candidate for Saab. GM, however, will be wary of getting involved after its Koenigsegg experience.
What’s your take of the goings-on over in Detroit?
By Richard Aucock