Fritz Henderson May Not Last Long At GM

Financial Times:

The departure of Rick Wagoner as chief executive of General Motors was inevitable once Barack Obama's auto taskforce had concluded that it did not believe the restructuring plan GM had submitted in an effort to gain billions more in government support.

The question is whether Fritz Henderson, who is a GM lifer like Mr Wagoner, has enough credibility to retain his post as Mr Wagoner's successor for long.

Read the whole story: Financial Times

Comments

[Phreejazz]

Any "lifer" in GM management is suspect. GM has bred a fundamental flaw in the way that its North American execs especially view the world. Too arrogant and insulated. They've been ignoring consumers and even their own dealers for YEARS. Most of them have an outlook based and trained in production stats and finance, and not in sales. The effects are obvious.

[Ravenback47]

I think it's all heading towards bankruptcy anyway. I hope I'm wrong. President Obama knows it. That's why the plan was sold this way. His plan is another way to soft peddle bankruptcy. I think most people, for the first time, are resigned to the fact that bankruptcy is imminent. GM needs to find their entrepreneurial spirit again. And I don't know what to say about Chrysler. Both are too complacent and lack hunger. Instead of wasting time and money on an all-electric car, which isn't quite there yet, GM should have developed a hybrid system that rivals or surpasses Toyota's Synergy Drive System. How could this company totally drop the ball on this one? Also, I remember when investor Kirk Kerkorian (sp?) proposed that GM and Nissan should join forces. I bet they wish they could go back in time and rethink that idea. Kerkorian sold his shares because he felt that GM wasn't serious about a viable future. In the end, these companies are going to either swim or they are going to drown. What a horrible way to die.

[JnrNorman]

If Fritz Henderson gets it I hope he succeeds.

Obama takes care of the bankers $30 for them $1 for the people in the stimulus plan.

[sposton]

Don't worry. They will put a financial wizard in charge, perhaps someone from Goldman Sachs, or perhaps even Charles E.F. Millard would be great? ;-)

[ReasonIsMyReligion]

To put it in perspective, they only gave the entire company 30-70 odds.

Kidding, but who knows.