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Ousted GM CEO Fritz Henderson Rehired As Consultant, Earns $60K A Month

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Fritz Henderson

Fritz Henderson

After having been very publically ejected from the company late last year, former GM CEO Fritz Henderson has been reinstated with a cushy consulting role less than three months on. In early December, 2009 Henderson was asked by the then Chairman of the Board, Ed Whitacre, to resign just days before he was to make a keynote address at the Los Angeles Auto Show.

In a regulatory filing submitted by GM this past week, the company has confirmed that Whitacre will now remain as CEO with an annual salary of $1.7 million plus more than $7 million worth of stock payable over the next couple of years.

Interestingly, this figure is significantly higher than the $1.3 million Henderson would have received as CEO, even after GM's executive pay came under the scrutiny of U.S. pay czar Kenneth Feinberg.

As for Henderson, his new consulting job will see him work just 20 hours per month and require him to meet with GM’s international president, Tim Lee, to discuss matters on international operations. For his efforts Henderson will receive $59,090 per month, which equates to almost $3,000 per hour.

[Automotive News, sub req'd]

 
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Comments (12)
  1. $3,000 per hour? That has to be a typo.
     
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  2. It is probably cheaper this way. I would imagine he would have a huge severance package. Plus thats just how the game goes. I aint mad at him.
     
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  3. Douglas, 60,000 a month / 20 hours a month is roughly 3,000 an hour
     
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  4. @Douglas
    The article says Henderson will work only 20 hours per month and receives $59,090 per month.
    $59,090/20 hours = $2,954.50 per hour
     
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  5. Note to self. Do not invest or buy GM products or work/hire any of the management people. Obviously the company is run by idiots. I wouldn't pay anyone 60k/mo for only 20 hr of work per month unless that person can walk on water and bring profit to the company exceeding the 60k/mo price tag on a consistent basis. The GM management has just demonstrated the inability to manage limited resources effectively and it deserves to fail.
     
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  6. Here is a simple solution for GM and others like them:
    Don't give them any of your money no matter how bad you WANT that shiny new status symbol in your driveway; GROW UP and put your money where your mouth is. Make sure that at NO POINT YOU GIVE THEM any of YOUR MONEY for any reason PERIOD!
    Sounds simple yet so many will continue to hand over that cash -- right over to the very same scum bastards that earn the 60k a month while they struggle to earn that much in a year to help pay for the car that after finance charges will cost them close to the same amount.
    Hard to comprehend.
     
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  7. Wow-the government is really doing a great job. Ed W. finally learned he didn't know what he didn't know (and probably never will) and hires Henderson back. This is absolutely disgusting. The only reason I would not like to see GM fail is the millions of innocent workers and business owners who would be taken down with the company. But it is really hard to watch this-the tax dollars of so many who are struggling to fund Fritz Henderson.
     
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  8. Good for him!! I hate to see someone ousted like that in the prime of their tenure. Now he can finish the job he was doing so well, killing GM.
     
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  9. The government sends in auditors and they conclude that this was the worst run finacial operation they had ever seen! So what is the logical conclusion? Hire the crook that was running this incompetant operation for more money than an engineer at said company in a lifetime. Brilliant. Please Mr. President, stop this madness.
     
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  10. A bargain at any price....
     
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  11. So as GM did in the past as well as now, they are still overpaying this man for helping to put out mediocre product and run GM into the ground. So you only have to look into the pockets of GM executives and consultants to find the reason why you can't get a locking fuel filler door, center rear seat headrest, and a fuel efficient turbodiesel engine in any GM vehicle in the USA. This is the reason why they will never get my business; they still don't get it and never will whether taxpayers are involved or not. Mr. Feinberg please do your job and taxpayers from this thieving bunch. The names may change, but not the mentality or culture.
     
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  12. @Jack, yes the company is run by a bunch of idiots. The same idiots in this administration and congress that is running this country into the ground. They took GM over just to help keep the UAW afloat as a reward for the votes....
     
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