In a move that took even long-time observers of the auto industry by surprise, Fritz Henderson resigned from the job of CEO of General Motors yesterday. Daniel Howes has a good look at what he sees as the reason for the departure – a push for speedy resolution to GM’s problems.
“I was totally shocked,” a ranking GM executive told me, calling Henderson’s dismissal a “destabilizing event. This is the second time this year a superb problem-solver has been asked to leave the company. We are making progress on so many fronts. I wonder if the pace of expectations … is realistic.”
Will this make the company’s targets of bailout repayment and a new stock offering easier or more difficult? Time will tell.
General Motors today announced its plans to begin repaying U.S. Government bridge loans, six years earlier than is required.
Already the workers and management of General Motors are disproving the naysayers. While a hard road ahead remains, there should be no doubt: GM, Michigan and American manufacturing are going to make it.
Washington, DC — Throughout the health care debate, the majority of Americans have expressed their opposition and frustration with the president and his Democratic Congress’ radical proposals. The public is opposed to the scheme’s practical harm; frustrated by the Democrats’ arrogant refusal to listen; and justified in its concern that willful Washington politicians will impose [...]
Representative Thaddeus McCotter (R-MI), Chairman of Republican House Policy Committee, responded to a letter sent by four of his GOP colleagues to Treasury Secretary Geithner complaining that the rights of GM bondholders have been subverted under the continued auto restructuring.
Washington, D.C. – Representative Thaddeus McCotter (R-MI), Chairman of Republican House Policy Committee and the only Republican member from Michigan on the Financial Services Committee, issued the following comment on the resignation of GM CEO Rick Wagoner and the continued restructuring of the auto industry.
“Detroit is a last bastion of honor. Earlier this week, the President and the Treasury Secretary met with the Wall Street Chieftains who crashed our credit markets and dragged us to the precipice of a global depression. The White house pledged to work with these Wall Street CEOs who, even now, defend their bonus packages.
