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General Motors Co. has hired former Chief Executive Officer Fritz Henderson to serve as an advisor to current CEO Ed Whitacre, the man who replaced him as the company’s leader, Bloomberg News reports.
The news arrives amid reports that Whitacre is pushing GM execs hard to change their ways.
Henderson will collect $59,050 per month to about 20 hours of work each month, Bloomberg said, citing a GM federal filing.
“This is an agreement to provide consulting to the company on international operations, an area where Fritz has unrivaled expertise,” said GM spokesman Chris Preuss. “That is the basis of this agreement.”
Henderson did not receive a severance package when he was dismissed as CEO in December after just eight months in the job. However, Preuss said the consulting agreement does not amount to a severance package.
Henderson returns at a time when Whitacre is pushing company managers hard to move more quickly, Bloomberg said, citing executives familiar with Whitacre’s strategy.
Whitacre isn’t satisfied with the speed at which some parts of company are adapting to his methods and believes change has been too slow in coming since the company emerged from bankruptcy, Bloomberg said.
So far, he has cut the number of executive committee meetings from twice to once per week, and has incorporated into the meetings a weekly product development forum that was formerly held separately, Bloomberg said. Whitacre wants company execs to spend more time on work and less time in meetings, according to people close to the CEO.
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