By Madhuri Dey
Dec. 02, (THAINDIAN NEWS) The Chief Executive Officer of General Motors has declared his intention to resign from the post. He called a press conference late Tuesday evening, in which he announced his decision of departure. He will be replaced on an interim basis by the Chairman of the board, Edward Whiteacre Jr. Mr. Whiteacre was chosen by the Obama administration to chair the board when the company was facing bankruptcy. There are speculations that the next CEO of the company will be Bob Lutz, the Vice President of Marketing Communications.

Frederick “Fritz” Henderson was appointed in the post of General Manager in March, at the crucial time when the company was at the verge of insolvency. His appointment brought about the question as to how long a practical outsider, a finance expert, would be able to hold down a job at an almost bankrupt industry. There was also the question as to how much such a person would be able to contribute in this condition. The sudden exit brings to light the disagreements that were raging between the board and the chief. The bone of contention was the public offering plan that the CEO was very enthusiastic about, but not so much the Chairman.

The resignation of Henderson comes with a bunch of worries and new possibilities. Number 1, the company may well settle for an outsider CEO, the likes of which have proved to be useful for other companies. On the other hand, it shows the lack of contingency plans on the part of the company. It is difficult replacing a CEO in those troubled times when the company is running on government aid.