Former GM CEO Fritz Henderson to Lead Sunoco Spin-Off

By David Schepp Posted 9:30AM 09/03/10 Energy, Company News, People, General Motors

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Former GM CEO Fritz Henderson to Lead Sunoco SunCoke Spin-Off

Former General Motors CEO Frederick "Fritz" Henderson has found a new job, but not within the auto industry. Energy giant Sunoco (SUN) has tapped Henderson to lead an energy spin-off it is forming early next year, the company said Thursday.

Henderson, 52, is joining Philadelphia-based Sunoco as a senior vice president, and will help prepare for SunCoke Energy to split Sunoco's metallurgical coke manufacturing operations away from its core oil refining and gasoline station businesses in the first half of next year. He will then assume the posts of chairman and CEO of SunCoke.

Coke is a key ingredient used in the manufacture of steel. Sunoco provides coke for steel manufacturers in the U.S. and Brazil, the Associated Press reported.

Henderson was named to head GM in March 2009, after Rick Wagoner resigned as chief executive following a nearly decade-long run. Henderson led GM through bankruptcy several months later, but was ousted late last year as complaints emerged that the automaker's turnaround wasn't moving along quickly enough.

He was replaced by former AT&T (T) CEO Edward Whitacre, who resigned the post effective Wednesday. Dan Akerson now holds the GM CEO position, and will assume Whitacre's other role of chairman by year's end.

Since leaving the GM CEO post, Henderson has continued to serve as a consultant to the Detroit-based automaker, the AP reported.

Tagged: coke, electricity, Energy, fritz henderson, general motors, gm, oil, steel makers, SunCoke, sunoco

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kingnus

If there weren't unions there would not be a middle class. I guess we could go back to the turn of the century when we had a few wealthy controling every thing. $.05 per hour and 14 hours a day , no health care , no vacations. Doesn't sound all that bad?

September 05 2010 at 11:35 AM Report abuse Permalink +1 rate up rate down Reply

David Ferraez

Fritz Henderson is a brilliant man........great leader.........Gm was destroyed by the unions.......period.

September 05 2010 at 8:34 AM Report abuse Permalink rate up rate down Reply

2 replies to David Ferraez's comment

chrlwellm

if it wasn't for the unions .Gm would walk all over the people who works for gm.THE UNIONS ARE GREAT!!!!!! LOCAL 2250

September 05 2010 at 10:50 AM Report abuse Permalink -1 rate up rate down Reply

kingnus

Mangement has to sign off on all contracts. If he couldn't out smart a bunch assembly line workers what does that say about him?

September 05 2010 at 11:31 AM Report abuse Permalink +2 rate up rate down Reply

Jay

I want to know what right Obama had in firing him in the first place.

September 05 2010 at 2:03 AM Report abuse Permalink +4 rate up rate down Reply

2 replies to Jay's comment

kingnus

You run a company into bankruptcy you should lose you job.

September 05 2010 at 11:28 AM Report abuse Permalink +2 rate up rate down Reply

Robin

Why was Rick Wagnor still CEO he headed GM for almost 10 years and lost money every year. If I was that inept at my job I would have been fired along time ago. Not only did he keep is job but got millions in bonuses every year along with the other execs while everyonelse was had a frozen wages. That is why GM failed and somebody had to have the sense to make the hard decisions if they wanted government help. They should have gotten rid of every CEO that had to take bailout money. Especially at AIG how many times did they come back for more????

September 05 2010 at 11:34 AM Report abuse Permalink +1 rate up rate down Reply

cvdunbar

if wants wants to really make money working with coke, he should head for the boarder.

September 04 2010 at 10:29 PM Report abuse Permalink +1 rate up rate down Reply

rx901tn

who wants to know about the million dollar baby getting another million dollar job . He know all about his new job? Bull **** The company would make money with out his mouth on a nipple but the big boy play and we pay. Hell the big three are built where ? Run another company in the ground .. Dip Stick

September 04 2010 at 4:57 PM Report abuse Permalink rate up rate down Reply

jennifer

maybe sunoco needs a failing company as a tax write off... enter Henderson. tada

September 04 2010 at 11:32 AM Report abuse Permalink -1 rate up rate down Reply

youall315

Isn't this an exampleof the PETER PRINCIPLE? Fail at one job and be promoted into another.

September 04 2010 at 10:10 AM Report abuse Permalink -2 rate up rate down Reply

jkziggy1

What's the Chevy Volt got to do with Henderson's new job? Whether the Volt has market success will be left to the American marketplace looking for new technology. The first color TV, Laptop computers,etc. cost more at the beginning. Maybe,just maybe GM with Volt has something cutting edge. With lots of AMERICAN jobs possibly created by GM and new technology maybe we should not damn them before the first one is sold. Lets create USA jobs! Its easy to damn,but much harder to find solutions that builds our country.

September 03 2010 at 7:46 PM Report abuse Permalink +10 rate up rate down Reply