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Fritz Henderson Resigns as GM CEO

12/02/2009
General Motors Company (GM) says it has accepted the resignation of Fritz Henderson, its president and CEO, in a move that is being characterized as an ouster by the company's board of directors. The position is being temporarily assumed by Edward Whitacre Jr., the chair of the board. "Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change," says Whitacre in a GM statement. "While momentum has been building over the past several months, all involved agree that change needed to be made." The company says a search for a new chief executive will begin immediately. The New York Times reports that the board asked Henderson for his immediate resignation after weeks of discussion regarding the need for an outsider to lead the company. Politico reports that an Obama administration official says the White House had no role in the resignation; the U.S. government holds a majority stake in GM after its $58 billion bailout of the company earlier this year.

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