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Cars and Drivers

Henderson Out as CEO of GM (AIG, BAC)

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By Douglas A. McIntyre Updated Published
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General Motors may be looking more like Government Motors every day.  Fritz Henderson is stepping down according to a report from CNBC’s Phil Lebeau, citing sources.  What is not clear is if Henderson was asked or told to resign in the symbolic falling-on-the-sword maneuver or if Henderson just couldn’t take running the company under the constraints with the government being involved in every decision.

Of course several things have not gone as planned under Henderson’s watch with falling unit sales.  Either way, this is another blow for the government’s “oversight and pay shouldn’t matter” stance it has when running giant corporations.  American International Group, Inc. (NYSE: AIG) CEO shuffling may only now be working for the government, after Benmosche fought back after taking over from Ed Liddy after he threw in the towel.  And Bank of America Corporation (NYSE: BAC) hasn’t exactly had every qualified CEO beg to take over the CEO role there held by Ken Lewis on an interim basis.

A press conference with “major changes” is scheduled this afternoon, so more details should follow.  The saga continues….

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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