White House autos panel head told GM CEO to step aside at Friday meeting.

It was not Obama's decision according to media. It was the White House autos panel head's decision.

GM website:

FOR RELEASE: 2009-03-30

GM Message from Rick Wagoner

On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I “step aside” as CEO of GM, and so I have.

Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts. His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM’ers worldwide to succeed. I wish him well, and I stand ready to support him, and interim Non-Executive Chairman Kent Kresa, in every way possible.

I also want to extend my sincerest thanks to everyone who supported GM and me during my time as CEO. I deeply appreciate the excellent counsel and commitment of the GM Board and the strong support of our many partners including our terrific dealers, suppliers, and community leaders. I am grateful as well to the union leaders with whom I have had the chance to work closely to implement numerous tough but necessary restructuring agreements.

Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.

More from Reuters:

The announcement by the White House autos panel headed by former investment banker Steve Rattner marked a stunning reversal for management at both automakers and for GM investors and creditors who had bet on a softer line.

GM CEO Rick Wagoner, who met on Friday with the task force, was forced out on Sunday at the request of Rattner, an official said. U.S. officials said plans were also underway to replace most of GM's directors in the coming months.

Both Wagnoner and GM's board have been criticized for moving too slowly to take on some of the automaker's underlying problems that date back decades, including unprofitable brands such as Hummer and Saab, and a costly surplus of models.

Here are the auto panel's recommendations:

* GM gets 60 days to develop more sweeping restructuring
* Chrysler plans "unrealistic or overly optimistic"
* Chrysler gets 30 days to complete revised Fiat tie-up
* GM President, COO Fritz Henderson replaces ousted Wagoner (Adds detail, background, byline)

As reminder on Feburary 20, 2009 according to White House website:

Treasury Secretary Tim Geithner and National Economic Council (NEC) Director Larry Summers convened official designees to the Presidential Task Force on the Auto Industry to discuss recently submitted restructuring plans from Chrysler LLC and General Motors Corporation.

The Task Force will be a cabinet-level group that includes the secretaries of Transportation, Commerce, Labor, and Energy. It will also include the Chair of the President’s Council of Economic Advisers, the Director of the Office of Management and Budget, the EPA Administrator, and the Director of the White House Office of Energy and Climate Change. The Task Force will be led by Treasury Secretary Geithner and NEC Director Larry Summers.