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FritzHenderson posts

Why was Fritz Henderson made CEO in the first place?

Posted Dec 2nd 2009 2:00PM by Zac Bissonnette (RSS feed)
Filed under: General Motors (GM)

The announcement of General Motors CEO Fritz Henderson was surprising to most observers -- he'd only been in power since March and by most accounts, had been making progress in executing a turnaround.

What went wrong? The New York Times reports that "if G.M. was to truly reinvent itself - as the company promised in commercials after a government bailout helped it emerge from bankruptcy - the board decided that the 25-year veteran of G.M. was too tied to the company's past mistakes to bring a fresh approach that could help reverse its decades-long slide."

Continue reading Why was Fritz Henderson made CEO in the first place?

WSJ gives GM more generous coverage

Posted Jul 21st 2009 2:40PM by Zac Bissonnette (RSS feed)
Filed under: General Motors (GM)

UPDATE: This post inadvertently linked to a "Tell Fritz" website that is NOT the official site and is not connected with GM. For the real Tell Fritz feature, check out GMReinvention.com.

General Motors CEO Fritz Henderson and his PR corps have managed to drum up quite a bit of press for his allegedly new, more transparent, consumer-friendly approach to running a car company. The Wall Street Journal reports (subscription required) that "Mr. Henderson is planning various ways to remain the face of GM's turnaround effort, including a consistent string of media interviews and monthly national road shows starting in August, during which he plans to meet with dealers and interact with customers."

Tell Fritz is a new Twitter-like blog format where consumers can interact with the top man at GM. Someone hysterically, it's even equipped with Google Ads for companies like Fritz Hansen Furniture and Fritz the Schnauzer -- Multiple streams of income, here GM comes!

Continue reading WSJ gives GM more generous coverage

New GM CEO won't cut his salary to $1

Posted Mar 31st 2009 5:30PM by Zac Bissonnette (RSS feed)
Filed under: General Motors (GM)

Fritz Henderson has only been the CEO of General Motors Corporation (NYSE: GM) for a day, but it's already time to declare him a rapacious swamp sow, unwilling to make even token sacrifices to save the company that has been his ample salary since 1984.

The Associated Press reports that "Fritz Henderson said at a news conference Tuesday that his pay will remain unchanged now that he is head of the troubled automaker. His base salary as chief operating officer was cut 30 percent to about $1.3 million this year when GM accepted government loans."

Continue reading New GM CEO won't cut his salary to $1

General Motors going on a diet

Posted Jan 12th 2009 4:30PM by Jonathan Berr (RSS feed)
Filed under: General Motors (GM), Marketing and Advertising

General Motors Corp. (NYSE: GM), flush with $13.4 billion in federal bailout cash, is going on a diet.

Media reports indicate that the beleaguered automaker is going to focus on four core brands in North America: Buick, Chevrolet, Cadillac and GMC. Chief Executive Rick Wagoner told Bloomberg News that the company may retain Saturn, though the once-cutting edge brand's future remains cloudy.

Meanwhile, Chief Operating Officer Fritz Henderson said the company's "worst case scenario" indicates that it will need need more than the bailout money it has already received. Oy vey. That's not a good sign.

If there is to be a turnaround at GM -- and I realize that's a big if -- the automaker has to dispose of Saturn. Remember how GM trumpeted Saturn as a different kind of car company? It never quite worked out that way. I always found Saturns to be underpowered and ugly. Maybe one of the big European or Japanese car companies will purchase the division for the right price.

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General Motors profits again!

Posted Jul 31st 2007 9:35AM by Michael Fowlkes (RSS feed)
Filed under: Before the Bell, Major Movement, Earnings Reports, Good news, General Motors (GM)

General Motors (NYSE: GM) today posted better-than-expected second quarter earnings. In this most recent chapter in this comeback story, General Motors earned $2.48 per share on an adjusted basis. Analysts had been expecting earnings of $1.13. This is the company's third straight profitable quarter.

The strong numbers are not going unrewarded so far in the premarket. Early morning traders have pushed the stock up 6.0% in premarket trading with around another 30 minutes to go before the opening bell.

What a difference a year makes. I can remember seeing the writing on the wall of a complete collapse this time last year when the company threw up horrible 2006 second quarter numbers. Last year, when the company showed a loss of $3.4 billion, there were lots of questions floating around Wall Street as to whether or not the company was going to be able to pull itself back out of the hole it had dug for itself.