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Zenvo ST1 [1024X768]

Henderson to take over as GM chief

By Bernard Simon in New York
Published: March 30 2009 14:10 Last updated: March 30 2009 14:10

General Motors announced on Monday that Fritz Henderson, the beleaguered US carmaker’s president and chief operating officer, will replace Rick Wagoner as chief executive, and that a majority of its directors will be replaced.

Mr Wagoner stepped down on Sunday at the request of the White House as part of the widening shake-up at GM, which was the world’s biggest carmaker until last year but is now dependent on government aid for its survival.

Kent Kresa, chairman emeritus of Northrop Grumman, the US aerospace group, has been named GM’s interim non-executive chairman. Mr Wagoner had been executive chairman.

Mr Kresa said in a statement that the board had “recognised for some time that the company’s restructuring will likely cause a significant change in the stockholders… and create the need for new directors with additional skills and experience”.

He added that the board intended to nominate a slate of directors at the next annual meeting, due to be held in August, that would include a majority of new board members.

No decision has yet been taken on which individuals will be nominated or will choose to leave the board.

Mr Henderson, 50, has worked for GM since 1984. Prior to his appointment as chief operating officer, he was chief financial officer and, earlier, head of GM Europe.

In a valedictory statement, Mr Wagoner, 56, said that “GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.”

Source;
http://www.ft.com/cms/s/0/4edc2a2c-1d22-11de-a527-00144feabdc0.html

Honda Insight hitting U.S. dealerships now

According to Kicking Tires, the new 2010 Honda Insight is now beginning to hit dealerships across the United States as we speak. A quick phone call to my own local dealership revealed two shiny new hybrid hatchbacks ready to drive off the lot. That's the good news. The bad news (it's not that bad, don't worry) is that there aren't that many to choose from in the United States just yet.

An inventory check on Cars.com shows that there are exactly 478 2010 Honda Insights for sale from all U.S. dealerships, which isn't all that many. Prices range from the base model's $19,800 starting price all the way up to $25,678 for what's surely a well-equipped model. Honda is expecting high demand for the new vehicle and we've heard production in Japan is running at full steam, so we'd expect inventory levels to rise here in the States in short order.

Source;
http://www.autobloggreen.com/2009/03/28/honda-insight-reportedly-hitting-u-s-dealerships-now/

GM, Chrysler to get additional short-term aid

David Shepardson / Detroit News Washington Bureau
WASHINGTON -- President Barack Obama will provide General Motors Corp. with short-term "working capital" as it conducts additional restructuring, while providing short-term aid to Chrysler LLC as it works to complete a tie-up with Fiat SpA.

Obama told four key Michigan members of Congress during a Sunday night conference call that he would grant unspecified additional aid to GM for 60 days and Chrysler for 30 days, according to a person familiar with the call.

Obama said GM Chief Operating Officer Fritz Henderson would take over the automaker on an interim basis and that no management changes at Chrysler were forthcoming.

The White House demanded and received GM Chairman and CEO Rick Wagoner's resignation as part of the aid request.

The call included Sen. Carl Levin, D-Detroit, and Sen. Debbie Stabenow, D-Lansing as well as Rep. Sander Levin, D-Royal Oak, and Rep. John Dingell, D-Dearborn.

UPDATE: Early reports indicate that Chrysler will receive $6 billion in federal aid and over the course of the 30 days, Chrysler will likely give up a 35% stake to Fiat.

Source (via autoblog.com);
http://www.detnews.com/article/20090329/AUTO01/903290337/1148/rss25