Frederick ‘Fritz’ Henderson, chairman of GM Europe and a GM group vice president, has been elected GM vice chairman and chief financial officer by the GM Board of Directors, effective January 1, 2006.
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Henderson’s promotion follows a period in Europe in which he has been at the forefront of a turnaround plan that has got GM’s loss-making European operations close to breakeven. But GM faces considerable problems in its domestic market where it is struggling with low margins and loss of market share. It has just announced plans to close plants.
Current vice chairman and CFO John Devine has agreed to remain beyond his five-year contract, which expires this month, for up to one year and will serve as vice chairman. He will work closely with Henderson on transitional issues, and advise Chairman and CEO Rick Wagoner on implementing the GM North America turnaround plan and other strategic issues.
Wagoner said Henderson is “an exceptionally strong fit” to succeed Devine as CFO, given his track record of financial and business success globally.
“GM is fortunate to have a management team with deep bench strength,” Wagoner said. “Fritz is the right person to take on the top finance responsibility at GM. Fritz has a tremendous background in finance and the auto business, having led all of GM’s global regions outside North America.”
Henderson has been in charge of GM Europe since June 2004, and previously was president of GM Asia Pacific from 2002 to 2004, and president of GM Latin America, Africa and Mideast from 2000 to 2002. He also served as president and managing director of GM do Brasil from 1997 to 2000, after holding a variety of management positions at GM’s former Delphi unit, GMAC and the GM Treasurer’s Office.
Wagoner praised Devine’s contributions since his arrival at GM in December 2000.
“I want to thank John for his tireless efforts over the last five years; he’s added huge value during this time. I asked him, and he agreed, to stay beyond his contract to lend his expertise in implementing our strategy to turn around our North American business. His relationships with global financial institutions, policymakers and our unions have been instrumental in getting the right strategy in place.”
Henderson, 48, has an MBA from Harvard and a bachelor of science degree in finance from the University of Michigan.
Carl-Peter Forster, GM vice president and president of GME, will continue that effort and replace Henderson as a GM group vice president and president of GME. Forster worked closely with Henderson on all parts of the GME turnaround plan over the past two years.
“Carl-Peter has played a significant role in the GME turnaround plan, both implementing the cost-reduction initiatives, as well as the product and revenue-growth elements of the plan,” Wagoner said.
