Obama pressures sees General Motors chief executive resign
Monday 30th March 2009, 8:58AM BST.
The chief executive of General Motors Rick Wagoner has resigned from his position following pressure from US president Barack Obama.
GM has lost $82 billion (£57 billion) since 2005 and has received $13.4 billion in emergency loans since the beginning of the year.
Mr Obama is set to outline the terms for further help for the car industry later today and is reportedly set to reject the turnaround plans suggested by GM and Chrysler.
Mr Wagoner said he had agreed to a request from the Obama administration to leave the company with immediate effect. The company’s chief operating officer Fritz Henderson is set to become the new chief executive.
On Sunday, Mr Obama said GM and Chrysler had not done enough to become “lean, mean and competitive” under federal oversight.
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