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| Version 1 | Version 2 |
|---|---|
| Fritz Henderson resigns from GM | Fritz Henderson resigns from GM |
| (10 minutes later) | |
| Fritz Henderson is stepping down as chief executive at US car giant General Motors, the company has announced. | Fritz Henderson is stepping down as chief executive at US car giant General Motors, the company has announced. |
| GM's chairman of the board, Ed Whitacre Jr, will serve as an interim replacement. | GM's chairman of the board, Ed Whitacre Jr, will serve as an interim replacement. |
| The news came minutes after the end of a GM board meeting to discuss the fate of its Swedish car brand Saab. | The news came minutes after the end of a GM board meeting to discuss the fate of its Swedish car brand Saab. |
| GM said due to the emergence of new potential buyers that it would evaluate bids for carmaker Saab by the end of December. | GM said due to the emergence of new potential buyers that it would evaluate bids for carmaker Saab by the end of December. |
| GM said that if it did not find a "suitable arrangement" it would then "wind down" Saab. | GM said that if it did not find a "suitable arrangement" it would then "wind down" Saab. |
| While momentum has been building over the past several months, all involved agree that changes needed to be made Ed Whitacre, General Motors | |
| GM did not name the potential bidders. A deal to buy the carmaker failed last week. | GM did not name the potential bidders. A deal to buy the carmaker failed last week. |
| A group led by Sweden's Koenigsegg Automotive dropped out of a possible takeover and this marked the third failed Saab sale this year. | A group led by Sweden's Koenigsegg Automotive dropped out of a possible takeover and this marked the third failed Saab sale this year. |
| About 4,500 jobs at Saab are at stake. | About 4,500 jobs at Saab are at stake. |
| New chief executive | |
| In a statement detailing the GM Board of Directors' acceptance of Fritz Henderson's resignation, Ed Whitacre commended what he described as Mr Henderson's "remarkable job in leading the company through an unprecedented period of challenge and change". | |
| "While momentum has been building over the past several months, all involved agree that changes needed to be made," the statement continued. | |
| Saab has not made a profit since 2001 | Saab has not made a profit since 2001 |
| Ed Whiteacre goes on to assure GM's employees, dealers, suppliers, union partners and customers that it will be as usual with an emphasis on "a return to profitability and repaying the American and Canadian tax payers as soon as possible." | |
| He closes the statement by saying that he looks forward to working with the entire GM team "as we now begin the next chapter of this great company". | |
| Car troubles | |
| In November GM announced that it was calling off plans to sell its other European business, Opel, along with its UK brand, Vauxhall. | |
| GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna, but changed its mind. | GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna, but changed its mind. |
| It had put both Opel and Saab up for sale at the start of the year before it went into bankruptcy protection in the US on 1 June, which it then exited in just over one month after support from the US government. | It had put both Opel and Saab up for sale at the start of the year before it went into bankruptcy protection in the US on 1 June, which it then exited in just over one month after support from the US government. |
| GM's finances have greatly improved since then, leading to its decision to keep Opel and Vauxhall. | GM's finances have greatly improved since then, leading to its decision to keep Opel and Vauxhall. |