GM CEO Wagoner to step down immediately

[Harvey Specter]

By TOM KRISHER, AP Auto Writer Tom Krisher, Ap Auto Writer – 17 mins ago

DETROIT – A person with knowledge of General Motors' plans says Rick Wagoner will step down immediately as chairman and chief executive of the struggling Detroit automaker.

The person asked not to be identified because Wagoner's plans have not been formally announced.

The move comes on the eve of President Obama unveiling his plan to reinvigorate the U.S. auto industry. Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp. and Chrysler LLC before they would get any more government loans.

Both companies are living on a total of $17.4 billion in federal aid.

http://news.yahoo.com/s/ap/gm_wagoner

[JesseBlue]

i wonder how much he's gonna get in compensation...

[Harvey Specter]

^
I bet that's the only reason why he's stepping down. He knows GM is done, might as well cash out while he can.

[tiger_handheld]

all of the CEO's should step down with low pay .... all of them should merge, or be bought out by Honday + Toyota to create a super car co.

[RTS]

Centrally planned car manufacturing. If Obama doesn't qualify as a socialist, I don't know who does.