The Chief Executive of the auto giant is asked by the White House to step down.
Wired PR News – The White House has requested that the Chief Executive of auto giant General Motors Corp. step down. As reported by the Associated Press (AP), CEO Rick Wagoner is set to immediately obey the request in accordance with President Barack Obama’s restructuring plan for the auto industry.
As noted by the AP, the plan has yet to be made public, however Obama is expected to announce restructuring efforts for GM and Chrysler LLC on Monday. The companies will reportedly be required to restructure in order to obtain additional government assistance.
Wagoner is quoted in the report as stating last December of efforts to help pull the company out of financial trouble, “I’m doing what I do because it adds a lot of value to the company…It’s not clear to me that experience in this industry should be viewed as a negative but I’m going to do what’s right for the company and I’ll do it in consultation with the (GM) board (of directors).”