General Motors (GM) CEO Rick Wagoner stepping down

The Associated Press has reported that General Motors (GM) CEO, Rick Wagoner is to step down from his post immediately. This news has come at a very crucial stage; when President Obama is due to announce a deadline for both General Motors and Chrysler to finalize their restructuring terms, or they will have to enter Chapter 11 bankruptcy.

AutoBlog have said that the Detroit Free Press reported that the move was one that was requested by the Obama administration, and forms part of the rescue plan. It is reported that Wagoner agreed to this proposal, it is thought that COO Fritz Henderson will become the new CEO.

The Detroit News has also reported that Barack Obama has told four members of Congress that the government will give GM additional aid for 60 days; this will allow them enough time to complete its restructuring. It is also thought that Chrysler will get 30 days, so they can completes its partnership with Fiat.