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GM's Fritz Henderson Stepping Down
Talk about a brief tenure. Guess today's GM numbers were not all that hot after all. Is Steve Rattner the replacement? Or maybe the President himself can put in some private sector time (oh wait GM is publicly owned now too, nevermind).
More news: AP reported that CEO “Fritz” Henderson will resign and that board chairman Ed Whitacre will take over on an interim basis.Earlier this afternoon,
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Golden Parachute details (if he was in fact asked to resign by the bod)?
"As GM goes, so goes the nation".
(We don't hear that much anymore)
That's because it still holds. Nobody is talking about the next leg down either, but it's out there cruising like a shark in the deep waters of our collective anxiety.
As goes GM, so goes the US citizenry.
As goes GM in the Pontiac Aztec, so goes the US.
<cringe>
You mean the Fire-aero rear-ended Corvair.
"cruising like a shark in the deep waters of our collective anxiety"
Fantastic
Thats because BOTH are going down the crapper.....I just tuned into Bloomberg....Did I just hear that GECC is INSOLVENT!!
CEO resignation an "obama precondition"
for more federal money. keyword HOT.
Watch for similar move by AIG rumored
prepack incoming.
well, we gotta create a spot somewhere for Tim Geithner now, don't we?
There's a spot for him under Blankfein's desk.
I vote for Obama to move
to President of General
Motors. He created this
abomination and now he
should run it. He sucks at
at what he is doing now.
Cash-for-clunkers gets redefined: you get cash to move this clunker from inventory. Socialist companies overproduce crap and lose money, so all according to the plan.
I'd be getting the hell away from that place also.
AKA: take the money and run.
It's an end-game. Once you see it for what it is a lot of things make a lot more sense.
cougar
well, he did not lok good in those stupid commercials anuway
Heck, appoint Biff Henderson.
Does it really matter anymore?
http://www.lateshowuk.com/images/lsbiogs_biff.jpg
maybe Ed Whitacre will tell everyone what is going on in GM, like his bother Mark did with ADM.
I liked the movie: http://www.imdb.com/title/tt1130080/
From the East Coast to the West Coast
Down the Dixie Highway back home
This is ouuuuuuur company
- John Cougar Mellencamp
God I hate john cougar mellon balls...
the current crop of corporate elite (+ banksters) are all "retiring" now. expect fresh faces at the top of all of the bailed-out zombie businesses.
the "retired" executives will not have US addresses. retirement for the elite means private tropical islands and no extradition.
They'll all be taking their loot and 'Settling' some free land in a little country in the Middle East. The land IS free!
No. They are all going to Paraguay. Dubya made sure the Paraguayan government ended all their extradition laws with the U.S. before he sent the blonde daughter down to close the deal on that massive amount of land he bought down there, remember?
Why would he resign. I just read this great bloomberg article where they reported "GM beat US sales estimates". If they are beating sales estimates he should stay. And there sales beat last years sales in November. They have done a great job.
I am really getting sickened by the mainstream articles. They can spin anything.
did henderson have any car experience prior to taking over as obama stooge of gm? what was his background besides being an asslicker?
Bullish, henderson just doesn't want to be greedy like the squid...
It will be cheaper to move the GM plant to Afganistan. Terrorist will be given jobs to build crappy cars that will eventually kill Americans either by collision or debt.
We have to listen to Ed "GET OFF MY LAWN!!!" Whitacre now for how long? That guy is a fossil. He's old-school auto industry to the core. I'm re-adjusting my GM Bankruptcy Version 2.0 prediction DOWN by 7 months.
all of the complicit, guilty fossils will have their (brief) turn at the top... it is the price they will pay for a comfortable retirement on the taxpayer's dime.
executive turnover is about to go into high gear... none of these swine will last more than 18 months with a "CxO" title and then it's off to foreign pastures while the US burns...
don't worry - he will last no longer than it takes
obamaturd and emmanuelturd to find a political
lackey for the position....i am guessing it will
be about 30 days before either obamaturd assumes
the position himself or he hires a mobster from the
chicago machine....
I guess he couldn't wait until the Volt was ready to save the day.
Provided they don't crush them all before they start selling them of course...
Man overboard! Oh, well--Fritz was toast from the get-go. The worst thing about the whole sordid affair is the second wind it has given Whitacre. It took eons to oust him the last time, and then only after he had thoroughly looted the company, with the help of an utterly corrupt Board. Look for a shameless repeat.
Obviously the company is doing a ok. Folks, Major industries are collapsing, except war of course. Go long PHYSICAL GOLD AND SILVER. This ain't gonna be pretty.
Girl, you know it's true.
Another Rattner screw up--
Clearing out the dead wood.
I'm sure Ron Bloom and Leo Gerard have someone lined up.
Sounds like Ole' Fritz wisely choose to get a dog.
More facts will, hopefully, be forthcoming. But parsing public statements (meaning in the Detroit Newspapers) from both parties for " straws in the wind" suggest a conflict between Whitaker and the prevailing corporate culture.
Whitaker's first marketing step was to anounce a program that allowed buyers of GM cars to return them in 30 days if they were not satisfied. Supposition was that he got the idea from Iacocca's 2 decade old Chrysler image modifying marketing mantra "If you can find a better car. buy it."
Whitaker, of course, was not not as well known as Iacocca and the problems to be addressed were entirely different. The ad campaign was cut short too soon and the program was not successful.
Henderson made some positive statements after the termination of that progam. (No one wants to buy cars from a company that is not going to be in business to support them.)
Cost cutting choices may created some conflict but Whitaker has made one statement (loosely quoted) saying we have got to do something about "this cuture of trying to get everything right" After that dumb remark, Henderson was then quoted with statements to the effect that things were looking up financially and GM was progressing toward recovery.
Whitaker was next in print saying he was firmly "in charge"
Henderson has made a few statements since but he is now "retired" (age 51) because the "board" decided that some changes needed to be made.
Whitaker famously said upon his appointment; "I don't know anything about cars."
Looking at his moves from outside the company it appears that he doesn't have the background for running this type of company and is perhaps too old to learn.
It ain't as easy as it may look from the outside.
so ... how many of (our) millions does this asshole walk home with ??
I'm betting on 20 or better.
Shee-it, I could screw up for half that ;-)
Nationalized companies are allowed to fail. They remain in good company that way. If there is ever a hint of future success, it's quickly whisked away and privatized at a loss to the tax payer of course.
On that note, why aren't the US tax payers benefitting from GM China's recent boom? Smell of a big stinking pile of US/China conspiracy as usual.
I have an inlaw that is in China 3 months of every year and he says that Buicks are selling like hotcakes.............
Ron Gettelfinger
Bob Lutz should take over, he is the man
he is the man who presided over - along with others -
the complete destruction of gm's market share -
from over 60% in the 1960s to ~20% today....and
bob was there to help it happen....
it's a complicated story of planned us auto maker
destruction but lutz is no answer for gm.....
Daughter Of Resigned GM CEO Attacks New GM CEO On Facebook
"HE FUCKING GOT ASKED TO STEP DOWN ALL OF YOU FUCKING IDIOTS. IM FRITZ'S FUCKING DAUGHTER, AND HE DID NOT FUCKING RESIGN. WHITACRE IS A SELFISH PIECE OF SHIFT, WHO CARES ABOUT HIMSELF AND NOT THE FUCKING COMPANY. HAVE FUN WITH GM, I HOPE TO NEVER BUY FROM THIS GOD FORESAKEN COMPANY EVERY AGAIN. FUCK ALL OF YOU."
http://jalopnik.com/5416549/daughter-of-resigned-gm-ceo-attacks-new-gm-c...
although i am sure that the comments are true i
doubt that it was his daughter who made the comments
and have the feeling she did not complete finishing
school....
she is on target about whitacre being a complete
piece of shit....and yet henderson was probably
not a good candidate for the job in the first
place....
GodForsaken Motors. It's got a nice ring to it. Though Colonel Clunkers would work too.
Fritz climbed aboard the Titanic. What a name..Fritz