GM Head to Step Down

Posted March 29, 2009 at 5:57pm

Richard Wagoner, CEO of General Motors, will step down immediately at the behest of the Obama administration, several news outlets are reporting.Wagoner’s resignation comes just hours before President Barack Obama announces a restructuring and federal aid plan for the struggling U.S. automotive industry. Obama is expected on Monday to offer a new round of assistance for the industry, while also calling for new requirements that the companies restructure.General Motors and Chrysler received $17.4 billion in federal loans in December. They have requested another $21.6 billion in taxpayer help.