Troubled U.S. auto major General Motors said its President and CEO Fritz Henderson has resigned from his position and Ed Whitacre will be the head of the company while an international search for a new CEO is being conducted.
The resignation of Fritz Henderson was approved by the board of directors of the company at its meeting on Tuesday.
Reportedly, the board was not satisfied with the way things were moving regarding the turnaround of the automaker.
Mr. Whitacre in a statement said that “while momentum has been building over the past several months, all involved agree that changes needed to be made. To this end, I have taken over the role of Chairman and CEO while an international search for a new president and CEO begins immediately.”
“Mr. Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change,” Mr. Whitacre said. Mr. Henderson was appointed as the CEO of GM in May this year, as the auto giant was headed for bankruptcy.
GM’s daily business operations will continue as “normal”, Mr. Whitacre said, adding that “our company is on the right path and that we will continue to be a leader in offering the public the highest quality, highest value cars and trucks.”
“We now need to accelerate our progress toward that goal, which will also mean a return to profitability and repaying the American and Canadian tax payers as soon as possible,” he added.
