GM on the hunt for a swifter CEO

General Motors Chairman Ed Whitacre reads a statement announcing that Fritz Henderson will be stepping down as the CEO of the company at a news conference at the GM headquarters in Detroit, Mich. -- Dec. 1, 2009

TEXT OF STORY

Bill Radke: Speaking of people losing their jobs, General Motors is looking for a new CEO after yesterday's sudden announcement that Fritz Henderson is out of that job. Board chairman Ed Whitacre will be the interim CEO while the company does a search. Marketplace's Amy Scott reports on what kind of leader GM is looking for.


Amy Scott: GM has a long tradition of recruiting managers from within. But analysts say this time, the company may want to bring in an outsider.

Mark Fulthorpe is with CSM Worldwide in London. He says GM need only look across town to Ford's recent success with CEO Alan Mulally, who came from Boeing.

Mark Fulthorpe: What appeals there is that you have somebody who is relatively new to the sector, relatively new to the company, and kind of brings I guess a greater degree of objectivity.

GM may have a tough time recruiting. As majority shareholder, the U.S. government limits how much the company can pay its executives.

Outgoing CEO Fritz Henderson faced setbacks in his efforts to sell some of GM's struggling brands. The board reportedly wants a leader who will restructure the company more swiftly.

In New York, I'm Amy Scott for Marketplace.

About the author

Amy Scott is Marketplace’s education correspondent covering the K-12 and higher education beats, as well as general business and economic stories.

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