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Detroit Report: Despite Losses GM Chief Financial Officer Predicts Promising Future



DETROIT – Despite the meltdown in the sub-prime housing market, General Motors Corp.'s chief financial officer struck a cautiously optimistic tone that the
GM's chief financial officer Fritz Henderson spoke at the Detroit Athletic Club on January 29. (Photo: Joseph Cabadas, American Auto Press)
United States would avoid a recession in 2008 while conceding that GM was not the world's largest car company in terms of finances.

Fritz Henderson, who began his GM career in the corporation's Treasurer's Office 24 years ago, spoke January 29, 2008, before the Automotive Press Association at the Detroit Athletic Club. He offered few hints about GM's 2007 financial results, which will be released on February 12.

The automaker had posted an astonishing $38 billion loss during the first three-quarters of 2007—mostly due to special charges—but Henderson noted that GM has “improved a lot from 2005,” which he noted was “a disaster,” when the company ended the year with $10.4 billion in red ink.

In the aftermath of 2005, GM had sold off half of its stake in General Motors Acceptance Corp. (GMAC), its shares in Fuji Heavy Industries, and got out of a deal that would have forced it to purchase the resurging Italian automaker Fiat. It also launched a restructuring program that included plant closings and the elimination of 30,000 jobs by the end of 2008.
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