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BREAKING NEWS: GM Chief To Resign

In a stunning move, Fritz Henderson announced he’s stepping down as CEO of General Motors.

At a press conference the auto giant said GM Chairman Ed Whitacre will serve as interim CEO.

It is unclear whether Henderson is stepping down of his own accord, or whether he was asked to resign.

As you may remember, Henderson took over for former CEO Rick Wagoner when the White House removed him from the position in March.

“Most believe this was forced on Henderson by the board of directors,” says CNBC’s Phil Lebeau. “When you look at this (development) from the standpoint of running an automaker Chairman Ed Whitacre made it very clear when he started with the company -- he was not a car guy… now he’s in charge of critical decisions.”

What's the trade?

The trade is long Ford , says Steve Grasso. It has trouble at $9 however, so I'd wait for a pullback.

I also think Ford is the play, adds Guy Adami. These events just illustrate how well Ford is run compared to GM.

CNBC’s Phil Lebeau broke the story. Find out what else he has to say about these unexpected developments. Watch the video now!

Read More: GM CEO Henderson to Resign; Whitacre Will Be Interim Chief


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Trader disclosure: On Dec. 1st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (SU), (GOOG); Grasso Owns (AAPL), (BA), (BAC), (C), (WMT), (V); Finerrman Owns (GLNG); Finerman's Firm Owns (GLNG), (PLCE), (MSFT), (WMT), (PDE), (RIG), (TGT); Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Calls; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (USO), (UNG)

For Steve Grasso:
Stuart Frankel Owns (NWS)
Stuart Frankel Owns (PDE)
Stuart Frankel Owns (SDS)
Stuart Frankel Owns (YHOO)
Stuart Frankel is Short (QQQQ)


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