GM boss to step down at White House request

DETROIT – General
Motors Corp. Chairman and CEO Rick Wagoner will step down immediately
at the request of the White House, administration officials said
Sunday. The news comes as President Obama prepares to unveil additional
restructuring efforts designed to save the domestic auto industry.

The
officials asked not to be identified because details of the
restructuring plan have not yet been made public. On Monday, Obama is
to announce measures to restructure GM and Chrysler LLC in exchange for
additional government loans. The companies have been living on $17.4
billion in government aid and have requested $21.6 billion more.
Wagoner’s departure indicates that more
management changes may be part of the deal, but it is still unclear who
will be put in charge of GM. The automaker recently promoted Fritz
Henderson, its former chief financial officer, to become president and
chief operating officer. Many in the company thought he would
eventually succeed Wagoner.

MSNBC