Word: gm
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...Former Boeing executive Alan Mulally has partially disproved that theory by leading Ford to the greatest success among the Detroit Three. Now GM board chairman Ed Whitacre, a veteran of the telecommunications business, will try to go the rest of the way. After accepting the resignation of GM veteran Fritz Henderson, Whitacre will be running the company as interim CEO while he searches for a full-time successor...
...Henderson will be remembered as being as smart and experienced as any GM CEO, but he appeared tone-deaf when it came to listening to Whitacre and the rest of his board of directors. Since he had no role in picking them and they owed him nothing, that proved to be a fatal mistake...
...When the deal to sell part of GM's Opel to parts supplier Magna began to lose momentum, Henderson failed to gauge the depth of the board's sentiment that GM keep Opel as a strategic asset and he remained opposed to doing so up until the very end. That left him crossways not only with Whitacre but also with the German government - an embarrassing place for GM...
...Henderson also had the bad luck to have several deals blow up in his face. Entrepreneur Roger Penske walked away from an agreement to buy Saturn because he couldn't find anyone to supply him with cars, forcing GM to close the division...
...just last weekend, a deal to sell Saab to Swedish investors fell apart, leaving GM once again with a distressed property and no obvious way of disposing...