Feb 24, 2010

Former GM CEO hired back for $3,000 hour!

From an article on CNN Money.com:

After resigning as president and CEO of General Motors in December, Fritz Henderson (upper photo) 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.

With Henderson back, even if it is a part-time (20 hours a month) engagement, GM is probably better off making use of his talents.

The report even suggests that GM could also make use of the talents of Rick Wagoner (lower photo) who is another GM ex-CEO. Once fired by one of Obama’s czar’s, the article says:

Perhaps somebody at GM will think up something that will make use of Wagoner's executive talents -- like figuring out a way for the automaker to take advantage of Toyota's recent troubles.