Struggling automaker General Motors Corp announced a shake-up of its top management on Tuesday after a board meeting discussing the company's restructuring plan.
GM announced it has appointed Frederick "Fritz" Henderson vice chairman and chief financial officer.
Widely considered a potential replacement for the current chief executive officer, Rick Wagoner, Henderson is currently the chairman of GM Europe where he recently implemented a broad restructuring plan.
He will take over his new role on Jan. 1.
Wagoner said that Henderson is "an exceptionally strong fit" to succeed John Devine as CFO, given his track record of financial and business success globally.
GM recently announced it will close nine North American plants and three facilities as part of a hard-hitting restructuring plan that will cut 30,000 manufacturing jobs, nearly 10 percent of GM's global workforce.
Rumors of a potential ousting of Wagoner have been circulating for months as a result of the company's multibillion dollars losses.
At a press conference announcing the restructuring plan in November, Wagoner told reporters that he had no plans to resign.
Devine, whose contract expires this month, will remain for one year as vice chairman to aid Henderson with the transition and assist Wagoner with GM's restructuring plan.
Henderson, 48, has an MBA from Harvard and a bachelor of science degree in finance from the University of Michigan. An accredited CPA, he began his GM career in 1984.
He instituted "a solid path toward profitability" at GM Latin America, Africa and Middle East and "oversaw remarkable growth and profitability" at GM Asia-Pacific before taking the helm of GM's European operations, GM said.
He will be replaced by Carl-Peter Forster, 51, currently the president of GM Europe.
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