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Developing Story: Obama forces Rick Wagoner out as GM CEO (Visit this link)
Justin Hyde and Tim Higgins from the Detroit Free Press: President Barack Obama's rescue plan for Detroit automakers will be unveiled Monday, but one condition became clear today: the resignation of General Motors Chairman and Chief Executive Rick Wagoner. As a condition for additional government aid to GM, the Obama administration asked Wagoner to step aside, which Wagoner agreed to do today, people familiar with the plan said. Wagoner's move, effective immediately, ends a 31-year career with GM. Not since President Franklin Roosevelt considered taking control of Ford in 1943 from a failing Henry Ford has the federal government pushed for such sway in the management of Detroit's automakers. The tack suggests a hard-nosed approach from the Obama administration toward the automakers, bondholders and the UAW, all of whom have yet to reach agreements on key concessions, despite months of talks. Obama will unveil the new rescue plan for GM and Chrysler in a White House ceremony this morning. It was not clear who would replace Wagoner; chief operating officer Fritz Henderson would appear to be the most likely candidate. GM declined to comment.
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