GM vice chairman: timing is inopportune

• Source: Global Times
• [14:29 December 03 2009]
• Comments

Bob Lutz, vice chairman of US General Motors

Bob Lutz, vice chairman of US General Motors, said on Wednesday that he was sorry to see GM President and CEO Fritz Henderson leave, citing  it was not the right time for him to resign.

"Fritz was and is an outstanding executive, I feel so sorry to see him go," Lutz told the Detroit News." The timing is particularly inopportune."

"He helped General Motors through the most difficult period in its history. I think all of us were shocked and the whole General Motors team were sad for his departure,"said Lutz when he made a speech at the Los Angeles Auto Show.

Paul Ingrassia of The Wall Street Journal said Henderson wanted to make some changes in GM since taking over, especially the culture of GM. Henderson dismissed some staff who were appointed by Rick Wagoner, the former CEO, and Henderson replaced them with other GM staff whom he promoted a level or two, resulting in the company's new board, Chairman Edward Whitacre Jr installed by the US government .

Henderson had had plans of floating a GM public stock offering next year, but Whitacre was sounding a different tune, he said it was too early to talk about it at this time.

Agencies and Wang Yang contributed to this story