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| Version 6 | Version 7 |
|---|---|
| Fritz Henderson resigns from GM | Fritz Henderson resigns from GM |
| (about 6 hours 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 that due to the emergence of new potential buyers it would evaluate bids for carmaker Saab by the end of December. | GM said that due to the emergence of new potential buyers 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 | 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 | New chief executive |
| In a statement, Ed Whitacre commended what he described as Mr Henderson's "remarkable job in leading the company through an unprecedented period of challenge and change". | In a statement, 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. | "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 |
| He assured GM's employees, dealers, suppliers, union partners and customers that it would be business as usual with an emphasis on "a return to profitability and repaying the American and Canadian tax payers as soon as possible". | He assured GM's employees, dealers, suppliers, union partners and customers that it would be business as usual with an emphasis on "a return to profitability and repaying the American and Canadian tax payers as soon as possible". |
| He said he looked forward to working with the entire GM team "as we now begin the next chapter of this great company". | He said he looked forward to working with the entire GM team "as we now begin the next chapter of this great company". |
| The White House denied any involvement in the resignation. | |
| "This decision was made by the Board of Directors alone. The administration was not involved in the decision," a White House spokeswoman said. | "This decision was made by the Board of Directors alone. The administration was not involved in the decision," a White House spokeswoman said. |
| In March, Fritz Henderson replaced the then chief executive, Rick Wagoner, who was ordered to step down by US President Barack Obama. | In March, Fritz Henderson replaced the then chief executive, Rick Wagoner, who was ordered to step down by US President Barack Obama. |
| Mr Wagoner had headed the company since 2000, after first joining the company in 1977. | Mr Wagoner had headed the company since 2000, after first joining the company in 1977. |
| Car troubles | Car troubles |
| Earlier on Tuesday, GM released information that US sales figures for its cars and other passenger vehicles fell 2.2% from November 2008 to 151,427. | Earlier on Tuesday, GM released information that US sales figures for its cars and other passenger vehicles fell 2.2% from November 2008 to 151,427. |
| In November, the company announced that it was calling off plans to sell its other European business, Opel, along with its UK brand, Vauxhall. | In November, the company 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. |
| In July GM said it had emerged from bankruptcy protection after creating a "new GM" made up of the carmaker's best assets. | In July GM said it had emerged from bankruptcy protection after creating a "new GM" made up of the carmaker's best assets. |
| Fritz Henderson described it as the beginning of a "new era". | Fritz Henderson described it as the beginning of a "new era". |
| But in November, the company released figures that it had suffered a net loss of $1.15bn (£692.3m) in the period since July. | But in November, the company released figures that it had suffered a net loss of $1.15bn (£692.3m) in the period since July. |