GM CEO Fritz Henderson Steps Down

General Motors Co. CEO Fritz Henderson stepped down on Tuesday as the company's board of directors accepted the executive's resignation. It is unclear if Henderson was forced out, but all signs point to that being the case.

Ed Whitacre will assume the role on an interim basis until a new CEO can be found. Whitacre iterated that he has no long term interest in the position.

Henderson, 51, was selected as GM's president and CEO in March after his predecessor, Rick Wagoner was forced out by the Obama administration. Henderson has also served as the company's chief operating officer and chief financial officer in the past. Henderson was at the head of the company when it went into Chapter 11 protection in June.

Whitacre read a brief statement at a press conference today thanking Henderson for his hard work during the recent rough times.

Henderson has overseen a period in the company in which GM has attempted to scale back to four core brands: Chevrolet, Cadillac, Buick and GMC. Success in this venture has seen some success and obstacles as the Pontiac brand in winding down and the Hummer brand has found a tentative buyer. However deals to sell Saab and Saturn brands have fallen through.

The company will now look to find its next leader in a time where the face of the U.S. auto-industry is steadily changing.

General Motors is likely trying to position itself for steady leadership ahead of an expected IPO by the end of 2010.

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