Freep:
General Motors Corp. Chairman Richard Wagoner will step down immediately as part of President Barack Obama's aid plan for the automaker, a person familiar with the plan said today.
The unexpected move by Wagoner, who has served as chief executive for eight years and worked at GM for more than three decades, comes just ahead of a rollout of the terms under which Obama will extend more aid to GM and Chrysler.
Wagoner was asked by the administration to step aside, and agreed to leave. It was not clear who would replace him; chief operating officer Fritz Henderson would appear to be the most likely candidate.
GM declined to comment.
On a side note: Ford Motor Co. said it has enough cash to see it through 2009, is not part of the federal bailout.
No comments:
Post a Comment