GM's CEO Gone After 100 Day Review
LOL Chuck Devore!
I mean really, what did they expect the guy to do?
This explains the exit in technical terms but it doesn't seem very fair. Then again, surely Henderson went into it knowing that he was screwed no matter what he did.
General Motors Co. Chief Executive Officer Fritz Henderson resigned after eight months on the job as directors concluded he hadn’t done enough to fix GM’s finances and culture, people familiar with the matter said.
The board gave Henderson, 51, a 100-day review yesterday on his performance since GM’s July 10 bankruptcy exit, said the people, who asked not to be identified because the discussions were private. Several directors also expressed the view that an outsider was needed to run the automaker, one person said.
Henderson’s exit caps a tenure that included the aborted sales of the Saturn, Saab and Opel units; a struggle to replace top managers such as Chief Financial Officer Ray Young; and U.S. market-share losses. Chairman Ed Whitacre took over on an interim basis, giving the former AT&T Inc. CEO and chairman a chance to help pick a successor and put his stamp on GM.
“The next person will be the board’s person,” said Michael Robinet, an analyst at CSM Worldwide Inc. in Northville, Michigan. “They will have interviewed and vetted the person.”
The search for a new CEO “begins immediately,” Whitacre said in a statement released by GM after the board met yesterday in Detroit, where the automaker is based.
GM hadn’t started recruiting before that session, said one person briefed on the effort. The pace and scope of Henderson’s progress fell short of what the board wanted, said the people, who wouldn’t provide details. While the new directors have been on the job about 145 days, since GM left Chapter 11, they referred to the evaluation as a 100-day review, the people said.
Tom Wilkinson, a GM spokesman, declined to comment beyond the statement.
I've heard Ken Lewis might be needing a job, since his old ass only made $1 last year or whatever he could probably use the spare cash. That is if they ever find a CEO to replace him at Bank of America.