GM Ceo Wagoner to step down at White House request
General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, and new directors will make up the majority of GM's board in a major management shake-up of the country's largest automaker, GM confirmed Monday.
The sweeping changes come just hours before President Barack Obama plans to unveil additional restructuring efforts designed to save GM and perhaps its Detroit-area competitor, Chrysler LLC, both of which are living on $17.4 billion in government loans and have requested $21.6 billion more.
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#1 Mar 30, 2009
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