December 1, 2009 |
General Motors Co. Chief Executive Fritz Henderson stepped down today, signaling continued turmoil over turnaround efforts at the troubled automaker. Board chairman Edward Whitacre Jr. will temporarily take over the CEO spot until a permanent replacement is found, GM said. "We all agreed more changes were needed," Whitacre said to reporters in a press conference in Detroit. Henderson, a longtime GM veteran, was named to the top executive job in March, following the removal of his predecessor, Rick Wagoner, at the hands of the Obama administration.
October 8, 2009 |
General Motors Co. is making progress in restructuring its operations three months after emerging from bankruptcy, the automaker's top executive said today, although turnover continues to afflict the company's upper management with the departure of North American sales chief Mark LaNeve. Chief Executive Fritz Henderson, who has been running GM since former CEO Rick Wagoner was ousted by the Obama administration in March, said the company has made progress in cleaning up its balance sheet, winning customer acceptance of new vehicle models and reducing costs by closing factories and cutting workers, and cleaning up its balance sheet since it exited bankruptcy in July.
November 17, 2009 |
Borrowing a page from the playbooks of Bank of America and Goldman Sachs, General Motors Co. is moving to repay its federal loans early. The bailed-out automaker announced a third-quarter loss of $1.15 billion Monday, but it said its cash flow had been strong enough to allow it to pay back $1.2 billion to the U.S. and Canadian governments next month. The better-than-expected performance, GM executives said, came in part because of sales growth in developing markets such as China, as well as large cost reductions taken during its trip through bankruptcy over the summer.
December 3, 2009
General Motor Co.'s vice chairman, Bob Lutz, came to the Los Angeles Auto Show primed to talk about the company's Chevy Volt, its electric vehicle rolling out next year. But the only thing anyone wanted to talk about Wednesday was this week's surprise resignation of Chief Executive Fritz Henderson. Though Lutz gamely tried to dodge questions about the leadership vacuum, by day's end he had broken down a bit, revealing that the next person to take the job would probably be a outsider.
June 2, 2009 |
Although shares of General Motors Corp. have almost certainly been made worthless by the carmaker's entry into Chapter 11, the stock's price actually resurged from its lows Monday. At a news conference after the bankruptcy filing Monday, GM Chief Executive Fritz Henderson said existing common shareholders would lose their investment "in entirety." But GM shares, after plunging to 27 cents when the market opened, jumped as high as $1.01. They closed at 75 cents, unchanged from Friday's close.