White House Asks GM Chief to Step Aside
President Obama will unveil his plan to help the auto industry tomorrow. And General Motors chairman and chief executive G. Richard Wagoner is resigning at his request.
Wagoner's resignation was one of the White House conditions for more federal aid. "He agreed and will do that," a senior administration official said Sunday evening.
Wagoner, 56, joined the company in 1977 and has been chairman and chief executive since 2003.
In related news, Chrysler may have to merge with Italian-owned Fiat. A structured bankruptcy may be in the future for both Chrysler and GM. [More...]
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