Henderson to take over as GM chief

By Bernard Simon in New York
Published: March 30 2009 14:10 Last updated: March 30 2009 14:10

General Motors announced on Monday that Fritz Henderson, the beleaguered US carmaker’s president and chief operating officer, will replace Rick Wagoner as chief executive, and that a majority of its directors will be replaced.

Mr Wagoner stepped down on Sunday at the request of the White House as part of the widening shake-up at GM, which was the world’s biggest carmaker until last year but is now dependent on government aid for its survival.

Kent Kresa, chairman emeritus of Northrop Grumman, the US aerospace group, has been named GM’s interim non-executive chairman. Mr Wagoner had been executive chairman.

Mr Kresa said in a statement that the board had “recognised for some time that the company’s restructuring will likely cause a significant change in the stockholders… and create the need for new directors with additional skills and experience”.

He added that the board intended to nominate a slate of directors at the next annual meeting, due to be held in August, that would include a majority of new board members.

No decision has yet been taken on which individuals will be nominated or will choose to leave the board.

Mr Henderson, 50, has worked for GM since 1984. Prior to his appointment as chief operating officer, he was chief financial officer and, earlier, head of GM Europe.

In a valedictory statement, Mr Wagoner, 56, said that “GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.”

Source;
http://www.ft.com/cms/s/0/4edc2a2c-1d22-11de-a527-00144feabdc0.html