GM board meeting




The General Motors Board of Directors is meeting today. As the company copes with a low stock price and eight impending plant closings, the board is meeting in an atmosphere of tension. Automotive News will report on the outcome of this meeting when details become available.

Is the story that "Fritz" Henderson will replace John Devine as Chief Financial Officer of GM? Automotive News said this afternon that Henderson is 48 years old, and has run GM's operations in Latin America, Asia Pacific and Europe. He will be replaced in Europe by Carl-Peter Forster, president of GM Europe.

Edited December 6, 200520 yr by wildcat

Is the story that "Fritz" Henderson will replace John Devine as Chief Financial Officer of GM?  Automotive News said this afternon that Henderson is 48 years old, and has run GM's operations in Latin America, Asia Pacific and Europe. He will be replaced in Europe by Carl-Peter Forster, president of GM Europe.

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Yes. I just got the e-mail from Automotive News.

Is it true that Henderson is considered a "bean counter," so this isn't good news?

Ah yes, all the Kings horses and all the Kings men are going to sit down just as they have for the last 10 years and ????????? Discuss officer pensions ? Better get it while you can boys...right ?

Is it true that Henderson is considered a "bean counter," so this isn't good news?

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Here is an excerpt from the e-mail

Wall Street has speculated that Henderson would be a logical successor to Rick Wagoner, GM CEO, in the event that Wagoner loses his job amid GM's current financial crisis. Henderson has been chairman of GM Europe since 2004. Born in Detroit, Henderson has worked for GM since 1984. He started out in New York as a senior analyst in the treasurer's office and held several financial assignments before joining General Motors Acceptance Corp. in 1989 as director of mortgage banking. In 1992, Henderson became GMAC's group vice president of finance in Detroit. Henderson was GM vice president and managing director of GM do Brasil in 1997 through 2000. In 2000, Henderson was named president of GM Latin America, Africa and Middle East. He then ran GM Asia Pacific from 2002 to 2004, when he transferred to Europe.

At least Henderson brings a breath of honesty. When asked about last year's dismal performance, Henderson remarked, "We didn't do all we could". No spin, no excuses. I don't know the man but I like his candor.

This is a little discussed problem with Wagoner. GM is far too large for any one person to be Chairman, CEO, and run NA day to day ops, impossible to be effective. If Wagoner had any sense in his head he would focus on being Chairman, make Cowger CEO, and let someone like White, Spielman or Hresko run North America. Insititute accountability and move forward.