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Posts Tagged ‘General Motors’

Rick Wagoner, GM CEO, Will Step Down At Obama’s Behest

Huffington Post/NYT/CNBC |   March 29, 2009 05:04 PM

UPDATE:

The Obama administration asked GM CEO Rick Wagoner to step down, according to numerous reports.

According to Politico:

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.

And the Wall Street Journal adds more details:

Mr. Wagoner was asked to step down on Friday by Steven Rattner, the investment banker picked last month by the administration to lead the Treasury Department’s auto-industry task force. Mr. Rattner broke the news to Mr. Wagoner in person at his office at Treasury, according to an administration official. Afterward, Mr. Rattner met one-on-one with Mr. Henderson, who will fill in as GM’s CEO.
“On Friday I was in Washington for a meeting with administration officials,” Mr. Wagoner said in a statement released by GM. “In the course of that meeting, they requested that I ‘step aside’ as CEO of GM, and so I have.”

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General Motors CEO Rick Wagoner will step down from the company, according to several reports.

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GM cutting 10,000 jobs

Troubled automaker reducing worldwide salaried staff by 14%, with a third of layoffs coming in U.S.; remaining workers to have their pay cut for 2009.

By Chris Isidore, CNNMoney.com senior writer

MORE HERE

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