Fritz Henderson is back at GM, for $3,000 an hour
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.
News comes out that Fritz Henderson gets hired as a consultant for Government Motors after he was booted. Now many times when a company is bought out or more apt, hostile takeover, key execs get consulting contract for a couple reasons:
To provide good transition period helping out but normally it is to enforce non-competes and keep former execs in check.
Why wouldn’t this have happened as soon as Fritz was canned?
The timing of now bringing Fritz back into the fold has only two reasons, both exposing GovtMotors either acting stupidly or buying off Fritz’ silence with hush money.
So either CEO Obama of GovtMotors made a poor mistake letting Fritz go, forgoing his business knowledge, especially international markets, OR it was to tie up Fritz from coming public on what really happened behind the scenes.