GM CEO Search Could Take a Year, Report Says
By Michelle Krebs December 2, 2009
General Motors Co. Chairman Ed Whitacre, now acting CEO, told employees Wednesday that it may take up to a year to find a replacement for Fritz Henderson, who was ousted by the board on Tuesday, according to a report by Bloomberg News quoting employees who watched Whitacre's 30-minute broadcast.
Those employees told Bloomberg that Whitacre, who spoke conversationally from a few notes, said the search would not be rushed and will be given as much time as is needed.
That suggests that GM's marketing chief Bob Lutz is ruled out. A number of media reports speculated he could be Henderson's successor. It is more likely that his replacement will come from outside of GM.
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For the good or bad, they are developing an employee retention problem at GM.
They've been without a CFO since Fritz Henderson was promoted/stuck with the CEO job, eight months ago.
Now the CFO at Opel, Marco Molinari has left "to pursue other interests".
His boss, Carl-Peter Forster, pres. GM Europe, a voice of dissent in the decision to not sell Opel, left(?) in November. Nick Reilly, GM Shanghai, is filling in as a temp while "an immediate external search" for a new boss is conducted.
If GM can get the folks who have luncheon with linen napkins sorted out as they have done with their current products, they'll really have something.
To fulcrumb's comment: Each of the D-3 have had employee retention issues but it just doesn't get much notice unitl someone at the top departs. The management ranks at the D-3 companies have been experiencing departures of key individuals leaving to go to other industries for a number of years now. More often than not, better compensation and daily working conditions can be found elsewhere. And, the lure of "a new company car each year" is not exclusive to the automotive. However, a current big factor in favor of the D-3 and keeping folks in place is that they can't sell thier house, without giving it away, if a new job requires relocation.
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