Timeline of key events in career of Henderson

AP News
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Posted: Dec 01, 2009 6:42 PM

General Motors Co. CEO Frederick "Fritz" Henderson stepped down Tuesday after the board said that the company wasn't changing quickly enough. The following is a history of Henderson's career and key events during his time as CEO.

Born Nov. 29, 1958.

1980 _ Graduates from University of Michigan with emphasis in accounting and finance.

1984 _ Receives Masters in Business Administration from Harvard Business School. Joins General Motors as senior analyst in treasurer's office in New York.

1992 _ Named group vice president of finance for GMAC.

1997 _ Begins a series of overseas assignments, starting with position of GM vice president and managing director of GM do Brasil.

2000 _ Named president of GM Latin America, Africa and Middle East.

2002 _ Becomes president of GM Asia Pacific.

2004 _ Takes over GM's European operations as group vice president and chairman of GM Europe in Zurich, Switzerland.

January 2006 _ Appointed by CEO Rick Wagoner as chief financial officer.

March 2008 _ Promoted to GM president and chief operating officer.

March 30, 2009 _ Becomes GM CEO after Wagoner is asked to step down by the Obama administration.

April 27 _ GM announces it will eliminate the Pontiac line. Henderson begins attempt to wipe out $24 billion in bond debt by asking bondholders to participate in debt-for-equity swap.

May 27 _ GM says its debt exchange offer failed. Bankruptcy appears likely.

May 29 _ GM shares fall below $1 for the first time.

June 1 _ GM files for Chapter 11 bankruptcy protection.

June 2 _ GM says it has a tentative deal to sell its Hummer brand. The buyer is later revealed to be the Chinese construction machinery maker Sichuan Tengzhong Heavy Industrial Machinery Corp.

June 5 _ GM announces tentative deal to sell Saturn to race car magnate Roger Penske.

July 9 _ A deadline to file objections to GM's sale expires, clearing the way for the company to exit Chapter 11.

Aug. 18 _ GM signs an agreement to sell its Saab brand to a group led by Swedish sports car maker Koenigsegg Group AB.

Sept. 10 _ GM announces it will sell European unit Opel to Canadian auto parts maker Magna International and Russia's Sberbank. It also kicks off its "May the Best Car Win" ad campaign, offering vehicle refunds to unsatisfied consumers.

Sept. 30 _ Penske says he is abandoning the Saturn acquisition. He says he was unable to find a manufacturer to make Saturn cars when GM stops producing them after 2011.

Nov. 4 _ GM's board of directors unexpectedly calls off the sale of Opel.

Nov. 16 _ GM announces it lost $1.2 billion in the third quarter. Henderson says GM will begin repaying loans with a $1.2 billion installment in December

Nov. 24 _ Koenigsegg drops out of deal to buy Saab, leaving the brand's future uncertain.

Dec. 1 _ Whitacre announces Henderson has resigned.

Sources: GM, AP archives.