GM Inside News Forum banner

GM Appoints Henderson President and Chief Operating Officer

3278 Views 78 Replies 25 Participants Last post by  Buickman
From GM media online:

Rick Wagoner, GM chairman and chief executive officer, announced that the GM board of directors approved the following appointments, effective immediately, at its meeting today:
  • Frederick (Fritz) A. Henderson, 49, vice chairman and chief financial officer, is elected president and chief operating officer.
  • Ray Young, 46, currently group vice president - finance, is elected executive vice president and chief financial officer, replacing Henderson.
  • Thomas G. Stephens, 59, currently group vice president, global powertrain and global quality, is also elected executive vice president.
"There's a lot going on at GM today," Wagoner said. "Besides our massive business transformations in the U.S. and Europe, we're experiencing explosive growth in emerging markets - in some cases, in countries where GM doesn't have a long history. The industry is in the midst of the largest technology transformation it has ever faced. And GM continues to implement a truly global automotive operating structure.
"It's an opportune time to further bolster our top leadership structure; specifically, it's the right time to reestablish GM's traditional President and Chief Operating Officer position," Wagoner continued. "And Fritz Henderson is the right person to assume this role. He's had a broad range of experiences in leading three of our regions and in a number of other GM businesses over the years, and he's made a tremendous contribution in each role. I look forward to working closely with Fritz and Bob Lutz, who so ably leads our global product development team, as we continue to implement the plan to transform General Motors for our second 100 years.
"Ray Young brings a wealth of finance and operating experience to the CFO role, including leading GM do Brasil to record business results in his most recent assignment. Tom Stephens' promotion recognizes the huge role that advanced propulsion strategies will play in GM's future, as well as Tom's strong leadership and technical skills," Wagoner added.
George Fisher, presiding director of the GM board of directors, commented, "GM is in the process of a remarkable transformation under Rick Wagoner's strong leadership. Tremendous progress has been made. The promotion of Fritz Henderson to president and chief operating officer, along with Bob Lutz's continued success at transforming our global product activities, and the promotions of Ray Young and Tom Stephens, will further solidify our leadership structure for today and the future. The GM board is excited about the direction that GM is headed and believes these executive appointments will further support our business strategy and the work that needs to be done to achieve our growth, technology leadership and financial objectives."
Henderson and Young will report to Wagoner. Reporting to Henderson, in addition to Stephens, will be the four regional presidents; Troy Clarke, GM North America; Carl-Peter Forster, GM Europe; Maureen Kempston Darkes, GM Latin America, Africa and Middle East; and Nick Reilly, GM Asia-Pacific. Also reporting to Henderson will be Bo Andersson, group vice president, global purchasing and supply chain, and Gary Cowger, group vice president, global manufacturing and labor relations. The remaining global functional leaders and Vice Chairman Bob Lutz will continue to report to Wagoner.
See less See more
1 - 8 of 79 Posts
I remember Buickman posting this a few days ago, though a search reveals no such thread. He was praising this move by GM, no less.
you're right I did. Fritz is the right man at the right time. for the past five years at the stockholders' meeting I have called for a president to be rienstated. GM is too big for one man at the top and Red Ink Rick has proven himself incapable. remember how he also attempted to run NA? what a disaster that was.
So where did it go?
like others...censorship.
Not really. I've looked into this and I can tell you I think I know what happened. I found your thread in our dump and I see that:

1. It is from a subscription article. We can't post subscription content.
2. The link you provided was to the home page of the news site. We need a link to the article itself and not the home page of the publisher. This helps to prove the story is legit. Also having to search a website for some story is a MAJOR PITA.

I would say your thread got dumped for one or both of the reasons above.

My apology sir.
1) As bad of a deal as it was for GM, the tie-up with Fiat did allow them to get some much needed smaller diesel engines for GMEurope.
2) The Delphi/Delco spinoff happened back before Wagoner became CEO. They filed for bankruptcy while he was CEO
3) I'm just as unhappy with the accounting irregularities although I haven't seen any mentioned in this report, just the massive tax credit writedowns. So hopefully they have fixed it finally.
3) Cadillac didn't have 5 cars in 2002. They had the SeVille and the DeVille and the Catera (which didn't sell). The ElDorado was a SeVille coupe. The First Gen Escalade is still an embarrassment. Today the CTS and DTS sell well, the SRX is a fantastic machine, and the Escalade isn't a dressed up GMC anymore as it has a completely unique interior and significantly different sheetmetal.
4) Yes, they missed the boat with the Camaro revival. It's not that important though in the grand scheme of things. They did manage to build the Sky and Solstice which proved that GM could do something interesting with a compact car platform.
5) Completely agree with the whole missing the hybrid vote.
6) New UAW contract which will fix many of GM's structural cost problems over the next 3 years combined with operational efficiency improvements have turned GM into a global player
7) Look at the new Malibu, the new CTS, the Aura, the Astra, the G8, the Lambdas, the GMT-900's. All of which are universes ahead of their predecessors in terms of production quality, attention to detail, and execution of the final product
8) Rick and Bob have finally managed to get the GM Scrooge division out of the automotive side of the business and we are finally starting to see the dividends of that.
even John Gotti presented a defense but it did not alleviate his guilt.
I'd like to point out that the primary purpose of any manufacturing company is NOT to make shareholders money. It is to make and sell product. If they do a good job at it, the shareholders will get their share. Making decision based on how it will affect the stock price is a classic case of 'the tail wagging the dog'. Decades of being more focused on the stock price than the product is what helped get GM into this predicament. GM is in the position it is today because people like Roger Smith sold GM's future for short term gain.

It will take GM a long time to undo all the bad that was done to it. That's a fact. I'm sure there are people who could be better at it than Wagoner. but your fooling yourself if you think GM stock can get back to the 40+ range in six months time. There is just too much baggage that needs to be dealt with. I believe that long term GM stock is a good buy. But if you were looking for a short term gain, then you made a really bad decision to buy GM stock.

were GM to replace Red Ink Rick with Ross Perot, the stock would rise 15 points in a single trading session.
historically, GM paid two thirds of earnings to shareholders in the form of dividends and appreciation. we set standards for return on investment, our ratings were gold plated, we were diversified with low debt ratios, and our balance sheet and income statement were strong and believable. that's why it's an unsolved mystery why Rick's not history!
Blitz of Hits from Fritz

Fritz Henderson can handle a fastball. Here are some "Hit Singles".

"There were no highlights in the fourth quarter."
"Our business is not generating the kind of returns we expect."
"Frankly, we didn't do everything we could."
"I wouldn't say we're satisfied with any of the results."
"We need to step on the gas on how we are performing in the market."

I like this guy!

He is a Michigan Man, born in Detroit and graduated from the University of Michigan.

His father, Bob, is a Buickman. He was national Service Manager for Buick Motor Division. Fritz grew up learning the business from his father. Let's not forget that, historically, many of the great leaders at General Motors came from the Buick Division. Names like Durant, Mott, Chrysler, Nash, and even Chevrolet, are why Buick is considered to be the Foundation Stone of GM. Naturally, I am partial to a Buickman who knows the business we're in.

The question going forward is if Mr Henderson is able to instititute accountability at General Motors, particularly in the Vehicle Sales, Service, and Marketing. That would qualify as a "Solid Double"

Having repeatedly proven his intellectual acumen, our man Fritz could safely round second, and actually turn a "Stand Up Triple" if he is able to reverse the long term trend of market share loss.

If he doesn't get caught "Stealing" (remember he works for Red Ink Rick), Fritz might achieve an "In The Park Home Run" by effectively communicating the big story at GM, namely the quality of our products today.

Then when that Fritz ascends the mound, he has the opportunity to become league MVP by throwing Deloitte and Touche out at the plate. That would restore investor confidence, as would publishing timely and accurate "Box Scores" with the SEC. The odds makers would favor General Motors once again winning the World Series Crown of Car Sales.
See less See more
My problem with investing right now is most US corporations I see are ran by management for management. You could invest 1 million dollars in GM, and the management might decide to take that 1 million and give each other bonuses.

Guys like Carl Icahn are trying to turn it around, but even when they buy like 1 billion dollars in a company they have to fight and fight just to be allowed a single board seat. The board of directors seats are mainly other ceo's from other companies, who represent upper management, not shareholders.

DeLorean saw it, Perot saw it, and York saw it. truthfully, proper management at GM ended with the duPont divestiture in the '50's.

another theory is that back when GM owned 50% of the market, the company feared a government breakup. could it be that Red Ink Rick is really an undercover agent intent on dissecting GM? if so, he deserves a Congressional Medal of Honor for his inordinate success!
1 - 8 of 79 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.