GM CEO Rick Wagoner To Step Down At Obama Admin. Request (Photos)

Posted on March 29, 2009

Politico has reported the Obama administration asked GM CEO Rick Wagoner to step down and he apparently agreed! Read more on GM CEO Rick Wagoner below.

The White House has confirmed that Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving any reasons.

The Wall Street Journal reports:

General Motors CEO Rick Wagoner will step down from the company, according to several reports.

The timing is curious, considering that President Obama is expected to announce on Monday the next steps to help GM and Chrysler, which have received $17.4 billion in emergency funding from the U.S. Treasury and are asking for more help: G.M. has asked for up to $16.6 billion more, and Chrysler another $5 billion. On Friday, Wagoner was in Washington, DC to meet with the White House auto task force, led by former investment banker Steve Rattner.

Wagoner and GM have been criticized for not doing enough to slash debt and cut costs as part of the giant automaker’s agreement with the government.

CNBC was the first to report on Rick Wagoner but added that GM did not confirm or deny the report.

Hmm… so what do you guys think about the news?

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