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Posts Tagged ‘GM CEO Fritz Henderson’

Fritz Henderson’s Daughter Takes Aim at Whitacre

Profanity-laced Facebook message on father’s ouster from GM.

by on Dec.02, 2009

Ousted GM's daughter aims to set the record straight.

Ousted GM CEO Fritz Henderson's daughter aims to set the record straight.

Was he pushed?  Did he jump?

We members of the chattering class might otherwise spend weeks debating why General Motors CEO “resigned” on Tuesday.  Or at least we would have had the 51-year-old executive’s daughter, Sarah Henderson, not weighed in with a blunt and profanity-laced, er, clarification of the day’s events.

Cleaning up the missive, posted on Facebook isn’t easy, but in brief, Ms. Henderson stated, “He f…ing got asked to step down all of you f.ing idiots. IM Fritz’s f…ing daughter and he did not f…ing resign.  Whitacre is a selfish piece of s…, who cares about himself and not the f…ing company.  Have fun with GM, I hope to never buy from this god forsaken company again.  F… all of you.

Your Inside Source!

Your Inside Source!

Ouch.  We’ll suggest that if you prefer a full and complete transcript you turn to the report by the folks who broke the story, our less self-censoring colleagues at Jalopnik.

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Chevrolet the “Main Dog” in GM Turnaround

CEO Henderson planning plenty of "experimentation," including eBay sales, to win back largely missing coastal buyers.

by on Jul.10, 2009

For all the effort that's gone into saving GM, its long-term viability comes down to one word, says CEO Fritz Henderson: "Chevrolet."

For all the effort that's gone into saving GM, its long-term viability comes down to one word, says CEO Fritz Henderson: "Chevrolet."

For all the financial wizardry, and the $50 billion in federal aid, that helped pull General Motors through bankruptcy, the company’s long-term success could come down to one word, “Chevrolet.”

You can’t cost-cut your way to prosperity, GM CEO Fritz Henderson made quite clear during a meeting with a handful of reporters, including TheDetroitBureau.com.  “Fantastic products” that can win back buyers “will drive everything,” the CEO stressed repeatedly.

As it filed for Chapter 11 protection, on June 1st, the troubled automaker held a market share of just over 20%.  But that included all eight North American divisions, four of which — Hummer, Saab, Saturn and Pontiac — will either be dropped or sold off.  Yet the automaker’s reorganization plan projects it will be able to maintain a share of somewhere between 18 and 18.5%, numbers that have raised concerns among many industry observers.

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Henderson defended that optimistic forecast, noting that Hummer and Saab have contributed little to GM’s overall volume, in recent years, though the demise of Saturn will have a modest but measurable impact on the automaker’s sales.  And as for Pontiac, a major portion of its sales went to daily rental and other fleets, “and we feel with our other brands we have the possibility of picking up a large portion” of that volume.

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Q&A: General Motors CEO Fritz Henderson

On government oversight, "Government Motors" boycotts, Lee Iacocca - and his own future at GM.

by on Jun.24, 2009

Operating on a short leash: GM CEO Fritz Henderson doesn't have much time to prove himself.

Operating on a short leash: GM CEO Fritz Henderson doesn't have much time to prove himself.

He was supposed to be the numbers guy, quietly sitting in the background, figuring out how to make things work.  But the world turned upside-down for Frederick A. “Fritz” Henderson, when, on March 31st, the White House drove General Motors Chairman Rick Wagoner into an ignominious and unexpected retirement.

The company Henderson inherited as GM’s new CEO was facing a bleak future.  Long struggling to halt steady declines in sales and market share, the automaker was buried under a mountain of debt and burning through billions in cash each month.  A short-term infusion of federal loan money was clearly not enough to sustain GM, but from the moment he took the top office at the corporate offices, in Detroit’s Renaissance Center, it became obvious that the only likely salvation would come through a Chapter 11 bankruptcy reorganization – something Wagoner had simply been unable to accept.

Ironically, the 50-year-old Henderson had a career path that largely echoed that of his predecessor, down to the Harvard MBA and assignments managing GM’s operations in places like Europe and Brazil.  But perhaps one of Henderson’s most important postings was in China, one of the few true success stories GM can point to in recent years.

Subscribe to TheDetroitBureau.comOn June 1st, to the surprise of no one, GM declared bankruptcy, effectively wrapping up the history of the 101-year-old company that was once as much a symbol of American might as the eagle and the star-spangled banner.  With the Obama Administration’s help and guidance, Henderson hopes to steer the maker through the courts and emerge, in as little as 60 to 90 days, as a “new General Motors,” one the new CEO promised would be “a leaner, quicker, more customer, completely product-focused Company.”

Here, TheDetroitBureau.com’s Bureau Chief Paul A. Eisenstein speaks to Henderson to get an update on the bankruptcy process, a sense of how much the White House is trying to manage GM, whether Henderson is worried about a threatened boycott of “Government Motors” products – and whether he will survive the next round of management cuts now being planned for GM.

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GM Salaried Retiree Benefits Cut by Two-Thirds

As part of its Bankruptcy Reorganization, the company is making "difficult changes."

by on Jun.09, 2009

When GM went into bankruptcy protection on June 1, it said that significant sacrifices on the part of salaried employees and retirees would be required. Now, some details of the radical changes coming are starting to emerge. 

In a letter to retirees, GM CEO Fritz Henderson said certain benefits are being trimmed by two-thirds, with biggest cuts starting at the top. 

Currently, all executive retirees with an Executive Retirement Plan (“ERP,” formerly SERP) benefit have been subject to a temporary reduction of at least 10% since May 1, 2009. However, when New GM emerges from bankruptcy, that 10% cut will become permanent. For exec retirees with benefits of more than $100,000 annually, the amount above $100,000 will be cut by two-thirds. Life insurance under the Supplemental Life Benefits Program (SLBP) and Supplemental Group Life Insurance Program (SGLI) are being eliminated.

Retiree Health Care

Effective January 1, 2010, GM’s Salaried Health Care Program will be further reduced for salaried retirees, surviving spouses and their eligible dependents. Individuals affected by this change include:

  • Salaried retirees, surviving spouses and their dependents eligible to enroll or who currently are enrolled in the GM Salaried Health Care Program.
  • Current employees who are eligible to enroll in the GM Salaried Health Care Program upon retirement.

The new plan will include benefits and coverage for medical and prescription drugs only. Dental, vision, and extended care coverage will be cancelled. Cost sharing provisions (e.g., monthly contributions, deductibles, coinsurance and out of pocket maximums) will increase substantially(more…)