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Ex-GM CEO Fritz Henderson to head Sunoco spin-off

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Ex-GM CEO Fritz Henderson to head Sunoco spin-off

ASSOCIATED PRESS

PHILADELPHIA -- Sunoco Inc. has tapped former General Motors CEO Fritz Henderson to lead the energy spin-off it is forming early next year.

Henderson, 52, is joining Pittsburgh-based Sunoco as a senior vice president and will help prepare for SunCoke Energy to split from the company’s core oil refining and gasoline station business in the first half of 2011. He will then become chairman and CEO of SunCoke, Sunoco’s metallurgical coke manufacturing operations.

Coke, which is produced by baking coal at extremely high temperatures to fuse together carbon and ash, is a key ingredient used to make steel. The company provides coke for steel manufacturers in the U.S. and Brazil.

SunCoke Energy has operations in Virginia, Indiana, Ohio and Illinois. It is building a plant in Middletown, Ohio, that is slated to produce 550,000 tons of coke and 46 megawatts of electricity when fully operational in the second half of 2011. It also operates and has a stake in a 1.7 million tons-per-year coke-making operation in Vitoria, Brazil.

Henderson was appointed head of GM in March 2009, and led the automaker through a government-backed bankruptcy restructuring last year. But he was later replaced by board chairman Ed Whitacre due to concerns over the speed of GM’s turnaround.

Despite leaving the GM CEO post, Henderson has since served as a consultant to the automaker.

Read more: Ex-GM CEO Fritz Henderson to head Sunoco spin-off | freep.com | Detroit Free Press http://www.freep.com/article/20100902/BUSINESS01/100902076/1210/BUSINESS01/Ex-GM-CEO-to-head-Sunoco-spin-off#ixzz0yTDURRF1

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Report: Former GM CEO Fritz Henderson to lead Sunoco spinoff

by Zach Bowman (RSS feed) on Sep 3rd 2010 at 10:58AM

If you've been wondering what former General Motors CEO Fritz Henderson has been up to since getting the boot, The Detroit News has the skinny for you. Henderson is now headed to Sunoco to fill in as the company's senior vice president, at least for now. The company is currently planning to spin off its SunCoke Energy arm during the first half of 2011, and when that happens, Henderson will become the subsidiary's chairman and CEO.

SunCoke produces metallurgical coke used to manufacture steel. The company currently operates plants in Virginia, Illinois, Indiana and Ohio, and is currently building a second, high-capacity facility in the Buckeye State. That plant, in Middleton, is slated to produce 550,000 tons of coke while at max capacity.

Coke is formed by super heating coal to bond carbon and ash. The process burns off contaminates like water and coal tar to create an energy-dense fuel. Byproducts of the process are typically used to generate electricity, as in the case with the Middleton plant.

Henderson, a long-time GM man, held the company's reins for a short time starting in 2009, but was replaced with Ed Whitacre amidst concerns that the company's turnaround wasn't moving fast enough.

link:

http://www.autoblog.com/2010/09/03/report-former-gm-ceo-fritz-henderson-to-lead-sunoco-spinoff/

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Former GM CEO Henderson to head SunCoke after spinoff from Sunoco

David Phillips

Automotive News -- September 3, 2010 - 12:01 am ET

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Former General Motors Co. CEO Fritz Henderson has been tapped to become CEO of SunCoke Energy following its separation from Sunoco Inc. next year.

Henderson, who led GM through its government-led bankruptcy last year before being dropped in December, has joined Sunoco as a senior vice president, and will oversee the spin-off of SunCoke Energy from the oil refiner and fuel retailer.

Sunoco unveiled plans in June to divest SunCoke in the first half of 2011. The deal is subject to regulatory approval and other conditions, and Sunoco said today it was still reviewing a variety of separation transactions.

SunCoke is a major provider of coke for steel manufacturers in the United States and Brazil, where it operates and has a stake in a 1.7 million tons-per-year coke-making operation.

"Fritz is an exceptionally gifted and highly experienced executive with the business and financial expertise needed to lead SunCoke Energy as an independent company and drive its global growth strategy,” Lynn L. Elsenhans, Sunoco's CEO, said in a statement. “His broad global experience managing businesses in many of the world's major markets will be invaluable."

"I am very excited by the prospect of leading SunCoke Energy at this pivotal time in its history,” Henderson, 52, said in a statement.

Sunoco said Michael J. Thomson, president of SunCoke since 2008, will become COO following the spin-off.

Henderson joined GM in 1984 and held a variety of finance and international assignments, including head of GM Europe and GM Asia Pacific. He became GM's CFO in 2006, then COO. He was appointed CEO in 2009 after GM CEO Rick Wagoner was ousted by the Obama Administration as part of the government's bailout.

In late 2009, when directors grew concerned about the pace of GM's turnaround, GM's board replaced him as CEO with Ed Whitacre. Since then, Henderson has served as a consultant to the automaker.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100903/OEM/100909958/1179#ixzz0yVrlmflB

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FRITZ HENDERSON NAMED CEO OF ENERGY SPIN-OFF

By Drew Johnson

Former General Motors CEO Fritz Henderson has finally found himself a new job, landing the position of CEO at Sunoco spin-off SunCoke Energy. SunCoke is expected to be separated from Sunoco sometime during the first half of next year.

Until SunCoke is spun-off from Sunoco, Henderson will serve as the company’s senior vice president. Sunoco announced in June that it would be separating from SunCoke in 2011, although the new company still has some regulatory hoops to jump through.

“Fritz is an exceptionally gifted and highly experienced executive with the business and financial expertise needed to lead SunCoke Energy as an independent company and drive its global growth strategy,” Lynn L. Elsenhans, Sunoco’s CEO, said in a statement. “His broad global experience managing businesses in many of the world’s major markets will be invaluable.”

Henderson, 52, was dismissed from General Motors last December. Henderson took over the reins of GM following President Obama’s ousting of then GM CEO Rick Wagoner. Henderson guided GM through its bankruptcy proceedings before being replaced by former AT&T exec Ed Whitacre.

On a related note, Wagoner was recently named to the board of an Ohio recycling company.

link:

http://www.leftlanenews.com/fritz-henderson-named-ceo-of-energy-spin-off.html

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