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In a hastily arranged press conference, General Motor's Chairman Ed Whitacre, made a startling announcement.

"It's been a busy day, but at the monthly meeting today the General Motor's board of directors accepted the resignation of Fritz Henderson as director, president and CEO of the company."

Fritz Henderson had been the face of General Motors as the troubled automaker moved in and out of bankruptcy at breakneck speed. A four-year slump in US auto sales and customer dissatisfaction forced a government rescue of GM earlier this year. But Henderson is credited with putting GM back on the road to recovery, and analysts were startled by this surprising announcement, leading to much speculation.

Some analysts wondered if Henderson's inability to sell Swedish unit Saab may have forced the board to show him the door. Weeks before GM pulled plans to sell its German unit Opel, angering government leaders in Germany. Whatever the cause, the White House says it was not involved in Henderson's departure. Chairman Ed Whitcare will take over the CEO role while a replacement is being found.

Conway Gittens, Reuters.