DETROIT — Frederick A. Henderson has held a number of increasingly powerful positions within General Motors, mostly recently the post of vice chairman and chief financial officer. Among other recent tasks, he helped negotiate a ground-breaking contract with the UAW, engineered the sale of a 51 percent stake in GM's finance arm to Cerberus and was one of the architects of the corporation's historic $39 billion write-down.
Now his boss and mentor, GM Chairman Rick Wagoner, has promoted the 49-year-old Henderson — known to friends as Fritz — to the twin posts of president and chief operating officer, which had been left unfilled in recent years.
The move also sets up a clearer line of succession to Wagoner, 55, who has been CEO since 2000.
Henderson takes over some of the authority and responsibility previously vested in Wagoner; among other things, GM's four regional presidents now will report to Henderson. Vice Chairman Bob Lutz, who heads global product development, will continue to report to Wagoner.
GM also promoted Tom Stephens, group vice president of global powertrain and global quality, to executive vice president. The company said Ray Young, group vice president of finance, will also become an executive vice president and will succeed Henderson as CFO.
What this means to you: Henderson is that rare GM exec — a finance guy who actually likes to drive fast cars, including his own Corvette. — Paul Lienert, Correspondent
Now his boss and mentor, GM Chairman Rick Wagoner, has promoted the 49-year-old Henderson — known to friends as Fritz — to the twin posts of president and chief operating officer, which had been left unfilled in recent years.
The move also sets up a clearer line of succession to Wagoner, 55, who has been CEO since 2000.
Henderson takes over some of the authority and responsibility previously vested in Wagoner; among other things, GM's four regional presidents now will report to Henderson. Vice Chairman Bob Lutz, who heads global product development, will continue to report to Wagoner.
GM also promoted Tom Stephens, group vice president of global powertrain and global quality, to executive vice president. The company said Ray Young, group vice president of finance, will also become an executive vice president and will succeed Henderson as CFO.
What this means to you: Henderson is that rare GM exec — a finance guy who actually likes to drive fast cars, including his own Corvette. — Paul Lienert, Correspondent
Add A Comment »