GM CEO Wagoner To Step Down Immediately

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.
Read Article

MrBratwurst - 3/29/2009 8:00:30 PM

+1 Boost

Rick is sad cause 1UAW hasn't worked hard enough.

Jordanski - 3/29/2009 9:03:25 PM

+2 Boost

IT'S ABOUT F*CKING TIME!

NItePhire - 3/29/2009 9:30:27 PM

+1 Boost

The sad thing about this is that if I ran my company the way he did I would have been out of business five to seven years ago. It just took crazy gas prices and a global economic meltdown for GM to crash.

mini22 - 3/30/2009 3:24:33 PM

+1 Boost

I'd have to say that as much as I support the auto makers the way GM has been run,the fact that they have been stubborn to make the necessary changes(IE-when Kirkorkian bought up stock and wanted GM to merge with Renault/Nissan-Wagoner and the GM board refused to budge)perhaps a structured BK would not be a bad solution. Since the US government will back all the warantees that takes the uncertainty of owning a GM car out of the equation.