GM chief to quit under Obama auto plan
Tuesday, 31 March 2009
WASHINGTON, Mar 30 (AFP): President Barack Obama was due to unveil Monday his plan for troubled US automobile companies as he stepped up pressure on the industry by forcing General Motors head Rick Wagoner to resign.
GM confirmed Wagoner's immediate resignation early Monday and said he would be replaced by Fritz Henderson, the company's current president and chief operating officer.
In a message posted by the company's website, Wagoner said that on Friday he was in Washington for a meeting with Obama administration officials, and they requested that he "step aside" as CEO.
A senior administration official confirmed the account to AFP Sunday.
The shakeup at the company was expected to continue. GM Chairman Kent Kresa said the company's restructuring "will likely cause a significant change in the stockholders," and the board intended to nominate a new slate of directors for its next annual meeting.
GM confirmed Wagoner's immediate resignation early Monday and said he would be replaced by Fritz Henderson, the company's current president and chief operating officer.
In a message posted by the company's website, Wagoner said that on Friday he was in Washington for a meeting with Obama administration officials, and they requested that he "step aside" as CEO.
A senior administration official confirmed the account to AFP Sunday.
The shakeup at the company was expected to continue. GM Chairman Kent Kresa said the company's restructuring "will likely cause a significant change in the stockholders," and the board intended to nominate a new slate of directors for its next annual meeting.