Rick Wagoner has agreed to step down as General Motors Corp.’s chairman and chief executive at the behest of the White House as part of a plan to provide more aid to U.S. automakers.
Wagoner, who has been the company’s top executive since 2000, has come under increasing fire over the last year as GM’s financial condition has deteriorated. In his eight years at the helm, GM has lost $68 billion and the company’s stock value has declined 95%.
President Obama on Monday will announce his plan to restructure the nation’s auto industry, including the prospect of further short-term financial aid.
Wagoner was asked to depart GM as part of that plan, said an administration official who spoke on the condition of anonymity because the official was not authorized to talk publicly. No indication was given that similar leadership changes would be asked of Chrysler.
Source: LA Times
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