Five things about still another changing of the guard at General Motors:
1. Fritz Henderson did a heck of a job as the bankruptcy/reorganization CEO of GM. He dumped $90 billion in liabilities from an utterly failed financial wreck.
Fritz systematically went after all GM's creditors and -- with, of course, a massive assist from the Obama administration and U.S. bankruptcy code -- cleaned up the company's balance sheet.
He's the finance guy's finance guy. There were no mysteries for him in this radical remaking of GM's finances.
During the humiliating rinse of GM, his regular press conferences kept the country informed. I think he assured people that they could buy GM products, and the company has performed pretty much in line with this terrible market. (Bankruptcy buddy Chrysler Group has grossly underperformed this terrible market.)
Henderson leaves a company with a clean balance sheet, competitive costs and some fine cars and trucks.
But long term, he was always doomed. Fritz Henderson is the turnaround finance guy. The company no longer has a cost problem. It has a revenue problem. It needs stronger brands, including more great vehicles, better sales and higher prices. His many achievements around the globe were pretty much on the expense side, not the revenue side.
His departure surprises nobody. The timing, yes. The departure, no.