General Motors' CEO resigns

08:15, December 02, 2009      

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President and CEO of U.S. automaker General Motors Co. Fritz Henderson resigned on Tuesday, and his job was taken over on an interim basis by the company's chairman, Ed Whitacre Jr.

At a hastily called press conference in the auto city of Detroit, Whitacre said he would be working out of the company's headquarters on a daily basis until a new president and CEO is named. He took no questions at the press conference.

"We all agreed some changes needed to be made going forward," said Whitacre, the former AT&T CEO who has clashed with Henderson on a number of fronts in recent weeks.

Whitacre was installed by the Treasury Department as the company's chairman after GM's bankruptcy reorganization.

GM's board has had a search ongoing for a new chief financial officer and interviewed many candidates in recent weeks. Those candidates will now be considered for the CEO.

GM made this decision and notified the U.S. Treasury Department, which holds a 61-percent majority stake in GM.

"This decision was made by the board of directors alone. The administration was not involved in the decision," the White House said.

Source: Xinhua
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