Ed Whitacre to Continue as GM CEO

Good Luck Ed!

We have said what was needed to be said earlier...

Good saving on GM's part...Darn hard to hire a new CEO with the current DC pressure on salaries..!

Bob Lutz, you better continue your tutoring tho...:-)

2010-01-26

GM commits to paying back US and Canadian government loans by June

DETROIT – Edward E. Whitacre, Jr., has agreed to continue as chairman and CEO of General Motors, it was announced today.

Speaking at a press conference at GM’s headquarters, Whitacre also expressed the GM board’s commitment that the company will pay back in full the U.S. Treasury and the Canadian and Ontario government loans by June.

Whitacre’s appointment reflects GM’s progress since the new company was formed last summer.  “The board of directors asked if I would be willing to stay on at GM and help continue the company’s road back to success,” Whitacre said.  “Having spent the past few months learning the business, meeting with our employees, customers, suppliers and dealers, and working with the GM leadership team, I was both honored

and pleased to accept this role.  This is a great company with an even greater future, and I want to be part of it."

“We’ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian and Ontario government loans by June,” Whitacre said.  “This represents a significant milestone in our journey back to being a profitable and viable company.”

GM CEO Fritz Henderson Leaves; Chairman Ed Whitacre Accepted His Resignation and Took Over for an interim period...

Fritz Henderson

Was given the chance & had tried hard... Good Luck Fritz...

UPDATED: December 02, 2009
*Henderson's GM departure is no surprise/FORTUNE

*Who Pushed Henderson Out At GM?

*Whitacre fires or more likely "resigns" the CEO and takes job.

GM Statement Attributed to To Chairman Ed Whitacre

2009-12-01

At its monthly meeting in Detroit today, the General Motors Board of Directors accepted the resignation of Fritz Henderson as Director, President and CEO of the company.

Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change.  While momentum has been building over the past several months, all involved agree that changes needed to be made.  To this end, I have taken over the role of Chairman and CEO while an international search for a new president and CEO begins immediately.  With these new duties, I will begin working in the Renaissance Center headquarters on a daily basis.  The leadership team – many who are with me today – are united and committed to the task at hand.

I want to assure all of our employees, dealers, suppliers, union partners and most of all, our customers, that GM’s daily business operations will continue as normal. I remain more convinced than ever that our company is on the right path and that we will continue to be a leader in offering the worldwide buying public the highest quality, highest value cars and trucks.  We now need to accelerate our progress toward that goal, which will also mean a return to profitability and repaying the American and Canadian tax payers as soon as possible.

In closing, I want to once again thank Fritz Henderson for his years of leadership and service to General Motors; we’re grateful for his many contributions.

I look forward to working with the entire GM team as we now begin the next chapter of this great company.

I am suggesting b4hand, dont get another "finance guy"(or gal) to lead the NEW GM. Make sure you select a new talent with marketing & sales background. I honestly propose Susan Docherty... Let the "women ruling the world" keep rolling; BUT Bob Lutz must stay!

Seriously, my candidate for the new CEO, Ms. Docherty makes a lot of sense. Come to think of it, she's got good relations with the dealer network, she is good in leading/managing  sales, just got promoted, and she is and has been working darn hard to put things back in track. The Auto Task Force, Ed Whitacre and Ray Young are all looking well after the financial issues with no doubt... There is simply a need for a sales person at the top. Finance guys used up their rights to serve now; GM has been appointing CEO's direct from its finance dept. since decades... If talking about change this pattern HAS TO CHANGE. Susan get ready please!   /MT
From Our Dark Archives:

Thursday, November 5, 2009
After Opel reversal, GM CEO in spotlight

What we had to say re this:
Now, hold your horses... This company, not long ago! filed for bankruptcy... Then Obama's Auto Task Force, headed by Steven Rattner took charge and changed the management prior to freeing the bail-out cash... OK!... What did we hear from Rattner on Oct. 20 speaking to Fortune Magazine???...QUOTE- GM & Chrysler were on brink of death and we found 'stunningly poor management' >>>>>>....Fritz Henderson, later told him: "You can fire me anytime you want, but at least give me a better chance to succeed."-In earlier meetings, Rattner found Henderson "conveyed more energy and openness to change."--UNQUOTE. Why did you guys select the then the CFO of a 'stunning poor management' team as the new CEO? Rick Wagoner wasn't just by himself when burning $44 Billion cash in 18 months time! Henderson must have been close by up at one of the 'Towers'(of RenCenter). The guy(Fritz H.) did what he was told to do; for the negotiations with Magna Int. AND the sales are up; give the guy a chance and leave him alone! / MT