A Year of Goodbye's: CEOs Make Their Exits in 2009
Alvarez,thepresident and chief operating officer of McDonald's , announced in early December he would go into retirement by the end of the month due to health-related issues. He also stepped down from the company's board of directors. His retirement became effective today.
“After more than 30 years in the restaurant industry, the past 15 with this great brand McDonald’s, I’ve decided to retire,” Alvarez said in a statement posted on McDonald's Web site. “Seven orthopedic surgeries and years of chronic pain culminating in two total knee replacements in the past six months have made me realize it’s time to move on.”
In the Spring of 2009 the automobile industry was facing mass failure and America's largest automaker, General Motors, was at the center of the storm. Wagoner, then GM's CEO, faced heavy criticism for the crippling of the company and Washington took aim to rid GM of Wagoner. In March of 2009 Wagoner announced his departure, citing his plans to leave as being Washington's wish.
"On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I 'step aside' as CEO of GM, and so I have," Wagoner said in a statement posted to the GM Web site.
Wagoner served as GM's CEO from 2000 to 2009.
Fritz Henderson stepped in to fill Wagoner's vacancy in March, but abruptly resigned in early December. Ed Whitacre, a former chairman and CEO at AT&T, took over as the interim CEO.
"Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change. While momentum has been building over the past several months, all involved agree that changes needed to be made," Henderson said in a statement posted on the company's Web site. "To this end, I have taken over the role of Chairman and CEO while an international search for a new president and CEO begins immediately.
After serving as CEO of Procter & Gamble for nine years, and working for the company for more than 30 years, Lafley announced he would step down as CEO in June 2009, followed by his announcement in early December that he would be retiring from his position as chairman as well. His retirement goes in affect Feb. 25, 2010. Robert A. McDonald, the company's former chief operating officer, took over as CEO July 1, 2009, and will also fill Lafley's shoes as chairman as well beginning Jan. 1, 2010.
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