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.
McCotter talks with Dick Purtan of WOMC about the GM Bankruptcy and Reduced Manufacturing Base in the United States.
Rep. Thaddeus McCotter appears on Bloomberg Radio to discuss the GM auto plan and Bondholders.
New reports tonight that General Motors is stepping up its preparation for a possible bankruptcy. General Motors, however, still hoping to win concessions from both creditors and unions to stay in business. The Obama administration has set a June 1st deadline for General Motors to put in place a plan for restructuring or be forced into bankruptcy.
Detroit obviously a part of Thaddeus McCotter’s district and he joins us here tonight.
