GM Ends Consulting Deal with Ex-CEO Henderson
DETROIT - General Motors Co. terminated a consulting deal with former CEO Fritz Henderson on Sept. 30 after he announced plans to join Sunoco Inc., Reuters reported.
Henderson, who led GM as CEO for eight months in 2009 that included a government-funded bankruptcy, announced in early September he would join Sunoco and prepare its SunCoke Energy business for a spinoff in the first half of 2011.
The long-time GM executive had been consulting on GM's international operations for $59,090 per month plus expenses after his ouster as CEO in December 2009. The agreement ran through December, but could have been terminated by either party.
Henderson will become chairman and CEO of SunCoke Energy after its separation from Sunoco. SunCoke is a producer of metallurgical coke in North America for major steel producers.
SunCoke is expected to relocate its corporate headquarters after the separation and is looking at a preferred location in suburban Chicago, the company said earlier in September. It has U.S. facilities in Illinois, Indiana, Ohio and Virginia.
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