Time for a new CEO

The car world is abuzz with mention of GM CEO Fritz Henderson's "resignation". I think we all knew this time would come, but the timing is a little odd and very sudden. Of course this is really good news for GM, *IF* they get it right this time. I mentioned in a previous post that we need more car guys and less acountants running GM (http://foremostcarguy.blogspot.com/2009/06/enough-with-accountants-wheres-car-guys.html) and now is their opportunity. Someone with a car background, preferably an engineering background that really understands the product.

The easy-inside choice is Bob Lutz as a short term solution. However, he already tried to retire once, so I don't think he'll be around for the long haul. He could certainly do a lot to get them going in the right direction though.

Roger Penske would also be an interesting outside choice but again probably not someone who can fill that position for 10 years or so and get GM really going again.

Another interesting option would be the internet blogger and former Buick salesman "Buickman" who seems like a pretty good choice and a good mix of outside and inside. He already has a clear plan to return GM to the forefront of the automotive world.

There's a lot of talk that GM can't attract qualified people due to salary caps. The problem with this, is the "right" person shouldn't need a huge salary for this. Lee Iacocca was famous for his $1 salary, and lots of stock. If the company did well, so did he. If not, then he didn't gain anything. GM needs someone who will take this job out of passion for the product, company, and sheer challenge. If GM's next CEO is successful, GM changes its image, goes public, pays off government debt, then that CEO will be a legend in the business world. There will be nearly limitless opportunities for someone of that caliber who proves themself in one of the most public, difficult jobs around. For the "right" person I'd say this is an opportunity not a "job". Once GM is back into using black ink and a world leader then they can start talking about industry competitive salaries.

Of course, the other question is... where do I submit my resume? I'm a car guy, engineer, and working on my MBA AND at 24 I could stick around for a while.