GM CEO to Step Down at White House's Requesth/t Wonkette
By Peter Whoriskey and Michael D. Shear
Washington Post Staff Writers
Sunday, March 29, 2009; 7:01 PM
General Motors chairman and chief executive G. Richard Wagoner is resigning at the request of the White House, clearing the way for the Obama administration to offer the company more federal aid.
On Monday, President Obama is expected to unveil his plan to prop up General Motors and Chrysler, offering them more money if the companies' agree to shrink and refocus their businesses.
Wagoner's resignation was one of the White House conditions for more federal aid. "He agreed and will do that," a senior administration official said Sunday evening.
Wagoner, 56, joined the company in 1977 and has been chairman and chief executive since 2003.
Obama Fires GM Chief
Wow! Who knew!