Bankruptcy

GM Board Explains CEO Departure

By mcbride

?General Motors Chief Executive Officer “Fritz” Henderson resigned after the board of directors concluded he hadn’t done enough to fix the finances and culture of the biggest U.S. automaker, a person familiar with the matter said.

On Tuesday, the board gave Henderson, 51, a 100-day review on his performance since GM’s bankruptcy exit, said the person, who asked not to be identified because the discussions were private. While Henderson had made progress, it wasn’t enough, said the person, who didn’t have specifics about the evaluation.?

Here is a link: http://www.businessweek.com/bwdaily/dnflash/content/dec2009/db2009122_757949.htm

Michael

Full post as published by Texas Lawyer Blog on December 02, 2009 (boomark / email).