Currently reading: GM boss ousted in shock coup
Boardroom re-shuffle moves Fritz Henderson out, Ed Whitacre in

GM president and chief executive Fritz Henderson has been ousted by the company’s board.#

Unconfirmed reports suggest confidence in Henderson was undermined when he was twice voted down by the board: initially as he was willing to go-ahead with the sale of Vauxhall/Opel to Magna, and then when he pushed for the immediate closure of Saab yesterday. GM has made no official comment on the matter.

GM immediately announced that Ed Whitacre, who was named GM chairman by the Obama Administration in June, is to take over as chief executive while a replacement president and chief executive is sought.

Whitacre explained GM wanted to speed up the changes the board had been pushing for since July.

“All involved agree that changes needed to be made,” he said. “We now need to accelerate our progress toward that goal, which will also mean a return to profitability and repaying the American and Canadian taxpayers as soon as possible.”

Henderson, 51, was placed in charge of GM in March after the US Government forced out his predecessor, Rick Wagoner.

He steered GM out of bankruptcy in June, but has seemingly failed to win the support of a board of directors that includes government appointees.

The Obama administration has issued a statement confirming that it had no part in his removal: "This decision was made by the board of directors alone. The Administration was not involved."

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turbinecol 2 December 2009

Re: GM boss ousted in shock coup

All the commentary this morning suggests he didn't really do the job he was supposed to do. There isn't going to be much applause by the looks of it.

New chapter opens every week at GM at the moment - interesting times.

CapsLock 2 December 2009

Re: GM boss ousted in shock coup

-he did a job which is what he was there to do

-this is now the opening of the next chapter for GM - henderson should be thanked and be applauded for his achievements (no doubt) - well done to henderson.

-but the new chapter opens and GM will go from strength to strength! - go GM!