GM Hires Spencer Stuart to Find New CEO

General Motors recently hired recruiting company Spencer Stuart to search for a new CEO, after Fritz Henderson, who was in charge for about eight months, left the US-based giant for a still unknown reason. The Wall Street Journal reported that GM is looking for a person with turnaround experience that can collaborate with the government and return the company to profit.

The candidates can come from outside the auto sector as well but past experience in Asian markets represents a major advantage, a person close to the matter told the aforementioned source.

General Motors has not commented on the reports but chairman Edward Whitacre, who's now also serving as interim CEO, confirmed last week that the company is indeed seeking a new CEO.

As we said, Henderson's reason for leaving the company is still an enigma, but more and more sources are indicating that the board asked him to leave. One possible reason would the failed sales of Saturn, Saab and Opel, three companies that were initially listed for sale but, after months of negotiations with various interested parties, talks came to no conclusion.

Furthermore, it appears that Henderson and GM's board had different point of views over Opel's future. Henderson wanted to sell Opel to Magna International, the Canadian - Austrian partsmaker that was believed to take control of the German brand and pave its way to profit. On the other hand, GM's board decided to keep Opel and scrap plans of a sale, a decision that angered Germany and local officials who worked hard to establish a viability plan under Magna's ownership.