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