General Motors Co. is terminating its relationship with former CEO Frederick A. “Fritz” Henderson, the auto maker reveals in an 8K filing with the Securities and Exchange Commission today.
An SEC filing in February indicated Henderson, after being dismissed as CEO in December, would be retained by GM in a consultancy role. The auto maker agreed to pay the former top executive $59,090 per month to provide 20 hours of consulting on international operations in a deal that was set to expire at the end of the year.
However, GM has excercised its right to terminate the pact early. It says it gave notice to Henderson Sept. 5 that his contract would be voided at the end of the month.
The filing does not indicate specifically why the auto maker decided to conclude the deal early, though it is likely Henderson’s new position as CEO at Sunoco spin-off SunCoke Energy was a primary motivator.
