Fritz Henderson: All about GM's new CEO

That’s Frederick A. Henderson to you. Known simply as “Fritz”, Henderson has been with General Motors since 1984 and today (March 31, 2009) he will become the CEO of the struggling U.S. automaker. Fritz will be replacing Rick Wagoner who was asked to step down by the Obama administration over the weekend as a condition for General Motors to receive additional federal loans.

Obama reminded us yesterday that Wagoner wasn’t asked to step due to his failure to lead.

“This is not meant as a condemnation of Mr. Wagoner, who has devoted his life to this company; rather, it’s a recognition that it will take a new vision and new direction to create the GM of the future,” Obama said in his speech.

Back to Fritz. Son of a Buick sales manager, Fritz holds a Master of Business Administration degree from...
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BobW - 3/31/2009 2:33:00 PM

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I'm no Rick Wagoner fan, but I believe it's a dangerous precedent having the president of the United States asking a CEO of a company step down--no matter how much money you're lending them. Moreover, honestly, it's not only a "condemnation" of Rick Wagoner, but when done in the form of a veiled threat (if Wagoner doesn't go away there won't be any loans forthcoming) by a president who's past--and I believe present--ideology is, shall we say, not pro-business, it should be pretty sobering to all business leaders in the US.
I hope the auto industry is buckled up for the upcoming ride with Obama's administration.