General Motors CEO Fritz Henderson Resigns, Ed Whitacre Takes Over

Only months after taking the helm of General Motors from CEO Rick Wagoner who was ousted by the Obama administration in March, Fritz Henderson announced his resignation as Director, President and CEO of the company on Tuesday. Henderson will be succeeded on an interim basis by GM's chairman, Ed Whitacre, 68, while an search for a new president and CEO starts immediately.

"Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change," said Whitacre in a prepared statement. "While momentum has been building over the past several months, all involved agree that changes needed to be made."

"I want to assure all of our employees, dealers, suppliers, union partners and most of all, our customers, that GM's daily business operations will continue as normal. I remain more convinced than ever that our company is on the right path and that we will continue to be a leader in offering the worldwide buying public the highest quality, highest value cars and trucks. We now need to accelerate our progress toward that goal, which will also mean a return to profitability and repaying the American and Canadian tax payers as soon as possible," Whitacre concluded.