With SunCoke’s separation from Sunoco Inc. next year, it will need a new CEO and he’s no other than former General Motors Co. CEO Fritz Henderson, who has headed GM through its bankruptcy last year before getting dropped in December.
Henderson has already joined Sunoco as a senior vice president. He will supervise the spin-off of SunCoke Energy from the oil refiner and fuel retailer.
Last June, Sunoco announced plans to divest SunCoke in the first half of 2011. The terms of the deal will depend on regulatory approval as well as other conditions.
Sunoco recently said that it continues to study a range of separation transactions. SunCoke operates in the US and Brazil where it provides coke for steel manufacturers. It also has a stake there in a 1.7 million tons-per-year coke-making operation.
In a statement, Lynn L. Elsenhans, Sunoco's CEO, describes Henderson to be an “exceptionally gifted and highly experienced executive” who has the business and financial expertise to lead SunCoke Energy as an independent company and push its global growth strategy. She considers “invaluable” Henderson’s global experience in managing businesses in many of the world's major markets.
In a statement, Henderson said that he is “very excited” about leading SunCoke Energy during this “pivotal time in its history.” Following the spin-off, Michael J. Thomson, president of SunCoke since 2008, will become COO.
In 1984, Henderson joined GM and has several finance and international assignments, including a stint as head of GM Europe and GM Asia Pacific. In 2006, he became GM's CFO and then, he was COO. He became the CEO in 2009 after the Obama Administration ousted GM CEO Rick Wagoner as part of the government's bailout. [via autonews - sub. required]