Even in the short lifespan of CEOs, getting ousted after a mere eight months seems a tad abrupt. Still, this afternoon we learn that is the fate of General Motors CEO Fritz Henderson. He got the job after the Obama Administration sacked his predecessor during the government-run restructuring in April. Here's Reuters providing a GM spokesperson's statement about the firing:
"The board decided -- and Fritz agreed -- that given where we are, it was time to make some changes," GM spokesman Chris Preuss said at a hastily arranged news conference.
I'm trying to figure out just what Henderson's sin was. He was at the helm for only eight months. And yes, in that short time he failed to turn GM around. But bear in mind that we're talking about an auto company that has been struggling for many years and that his tenure coincided with one of the worst recessions in recent memory. I don't think a genetically engineered super-CEO created from the DNA of Warren Buffett, Jack Welch, Lee Iacocca and Bill Gates could have turned around GM in the past eight months.
Whatever bizarre, irrational expectations GM had for Henderson, I guess he didn't measure up. Now the search begins for a new CEO with the thankless task of attempting to turn around the troubled automaker. For anyone interested in the job: the pay is bad; the expectations are insane; and Washington is watching. Good luck!
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