DETROIT — General Motors Corp.’s new chief executive says more of the automaker’s plants could close as part of GM’s effort to meet new, tougher requirements for government aid.
In his first press conference as CEO, Fritz Henderson said today that he expects the company would “need to take further measures” in terms of plant closures. He’s referring to plants beyond the five plants the company said it would shutter when it submitted a restructuring plan to the government last month.
President Barack Obama said Monday that GM’s plan didn’t go far enough.
Henderson took over GM Monday, after the Obama administration asked former CEO Rick Wagoner to resign.
The company has 60 days to make more cuts and get more concessions from bondholders and unions or it faces bankruptcy.
Henderson also says a decision on the fate of GM’s Hummer brand will come in the next few weeks.
The military Hummer hopefully will not go away and hopefully Saturn will not be canned as it is a well performing vehicle.
I find it ironic that GMs CEO was asked to resign and the CEOs of the failing banks who received TARP funds and rewarded non performing execs with bonuses after receiving TARP $ were not asked to leave also (the contracts on bonuses should have been broken the moment these greedy CEOs received TARP $. Talk about non-performance the financial industry has an edge on this. Reality needs to sink in in this country, I can't imagine anyone actually worth a million dollars in salary. Maybe someday this country will have actual politicians in DC that care about something other than padding their own pockets. Sen. Corker is one who cares and I appreciate his integrity and honesty!
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