General Motors CEO, Fritz Henderson, has resigned today after the board decided that he was not the man to lead the company into the future.
The search for a replacement president and CEO will start immediately, with Chairman Edward Whitacre to succeed Henderson on an interim basis.
Whitacre today praised the efforts of Henderson, who assumed the top spot from Rick Wagoner in March and led the company through 39 days of bankruptcy.
“Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change.
“While momentum has been building over the past several months, all involved agree that changes needed to be made,” Whitacre said.
Whitacre emphasised that the change of leadership would not impact the day-to-day running of the company or its ambitions to return to profitability and repay its debts in the near future.
“I want to assure all of our employees, dealers, suppliers, union partners and most of all, our customers, that GM’s daily business operations will continue as normal.
“I remain more convinced than ever that our company is on the right path and that we will continue to be a leader in offering the worldwide buying public the highest quality, highest value cars and trucks.”
General Motors has not posted an annual profit since 2004 and sales have slumped in 2009.
Figures of US light-vehicle sales released today confirm a 32 per cent collapse year-to-date compared to 2008, or almost one million vehicles.