GM makes it official: Wagoner to step down immediately, Fritz Henderson will serve as CEO

March 30, 2009 Omar Rana Fritz Henderson, Rick Wagoner

After all the reports yesterday about GM’s Rick Wagoner resigning his position CEO as a requirement set by the government to get additional aid – General Motors has released an official statement about the changes to its executive team lineup.

Wagoner, who has been CEO since 2000 and became chairman in 2003, will step down both roles effective immediately. Taking his position as CEO will be Fritz Henderson, GM president and chief operating officer. Kent Kresa, a director at GM, will take interim non-executive chairman of the board of directors.

Click through for the official press release.

Press Release:

GM Statement on Officer and Board Announcements

GM is announcing the following changes in the corporate officers and the board of directors:

Rick Wagoner is stepping down as chairman and CEO, effective immediately. Wagoner, 56, was named president and CEO in 2000, and assumed the role of chairman in 2003.

Fritz Henderson, GM president and chief operating officer, will serve as CEO. Henderson, 50, was named to his current position in 2008. He was previously vice chairman and chief financial officer.

Kent Kresa, chairman emeritus, Northrop Grumman Corporation, has been named interim non-executive chairman of the board of directors. Kresa became a GM director in 2003

GM is awaiting further announcements by the President and the Task Force on Automotive Reconstruction, and we will have additional comments at that time.

GM Board of Directors statement, attributable to Kent Kresa, Chairman

“The Board has recognized for some time that the Company”s restructuring will likely cause a significant change in the stockholders of the Company and create the need for new directors with additional skills and experience. The Board intends to work to nominate a slate of directors for the next annual meeting that will include a majority of new directors taking into account the addition of new directors, retirement, and decisions by individual directors not to stand for re-election, although the specific individuals who will be nominated or choose not to run or leave the board are not yet known.”

– By: The Daily Auto Editor