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March 1, 2010

Ex-CEOs come back as high-paid ‘advisers'

  • These gigs also keep them from working for a competitor, which some say is the main reason why they are done.
  • By RACHEL BECK
    AP Business Writer

    NEW YORK — Tough job market? Not for corporate honchos who snag cushy consulting deals at their former companies for $3,000 an hour.

    That's what General Motors is paying Fritz Henderson — the same guy the struggling automaker ousted three months ago because he wasn't doing a good enough job turning around GM. The rap on him: He was too tied to GM's hidebound ways to fix GM quickly.


     
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