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"Fritz Henderson is back at GM, for $3,000 an hour

Published:

Last Edited: February 24, 2010, 12:03 pm

"Fritz Henderson is back at GM, for $3,000 an hour

By Alex Taylor III, senior editor   February 23, 2010: 11:58 AM ET

"NEW YORK (Fortune) -- After resigning as president and CEO of General Motors in December, Fritz Henderson might have gone into hiding or decided to sit out the harsh Michigan winter on a Florida beach.

Instead, here he is popping up again, this time as a consultant to GM on international operations at the very fancy fee of $59,090 a month for 20 hours of work a month. That works out to almost $3,000 an hour for a CEO who was ousted after just eight months on the job.

Is this one of those phony retired CEO arrangements, where the outgoing guy gets a fancy advisory deal to pass on his accumulated knowledge and wisdom to his successor? The phone may never ring, but the retiree gets to pocket a nice piece of change and an opportunity to pretend that he's still in the game.

According to GM insiders, the Henderson deal is on the up-and-up. Nobody can quarrel with his knowledge of GM's global business. While he was still on the regular payroll, he ran Latin America and the Middle East, Asia Pacific, and Europe........"

http://money.cnn.com/2010/02/22/autos/gm_fritz_henderson.fortune/?section=magazines_fortune

Entry #1,654

Comments

1.
Rick GComment by Rick G - February 24, 2010, 2:16 pm
Guess he "knows enough" to stay on the payroll. ;-)
2.
konaneComment by konane - February 24, 2010, 2:22 pm
Thanks Rick! No kidding!

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