CEO Fritz resigns as GM considers Saab's fate

Dec 1, 2009 4:19 PM

General Motors has announced that since Koenigsegg Group walked away from purchasing its Saab, other organizations have expressed interest in purchasing the Swedish division. Should these potential suitors fail to complete a deal, GM will being a worldwide closing of Saab.

GM recently went through a similar scenario when Penske Automotive withdrew from purchasing Saturn. In that case, GM quickly announced it would close Saturn and directed dealers to sell off inventory by January, 2010.

In a press conference this afternoon, it was expected that GM would shed more light on the Saab situation. Instead, it focused on the resignation of GM CEO/President Fritz Henderson, who helmed the corporation for just several months. Chairman Ed Whitacre delivered the scripted news and will serve as acting president and CEO while a search goes on for a permanent replacement. Whitacre said, "It's been a hectic day for us."

This announcement comes less than a day before the media days begin for the 2009 LA Auto Show. Fritz had been scheduled to present the keynote speech in Los Angeles Wednesday morning. The ever-quotable Vice Chairman Bob Lutz will fill in.

Fritz had been the public face for the "new" General Motors as the automaker dealt with the challenges of the auto crisis this year.