GM CEO resigns as board demands faster turnaround
The leader of the new General Motors was done in by an old problem at the nation's largest car maker: Change wasn't happening fast enough.
GM's board and CEO Fritz Henderson parted ways Tuesday, the board upset that the automaker's turnaround wasn't moving more swiftly and Henderson frustrated with second-guessing, two people close to the former CEO said.
Board Chairman Ed Whitacre Jr., the former head of AT&T Inc., will take over as CEO while a global search is conducted.
It was unclear whether Henderson or the board moved first in the surprise resignation, which came just hours before Henderson was to be the high-profile keynote speaker at the Los Angeles Auto Show. At a hastily called news conference at General Motors Co.'s downtown Detroit headquarters, Whitacre would not answer questions, but said the board and Henderson agreed that he should step down.
Whitacre thanked Henderson, 51, a lifelong GM employee, for his leadership and said the company is on the right path toward offering high-quality cars and trucks worldwide.