General Motors chief forced out by Obama
General Motors Corp chairman and chief executive officer Rick Wagoner will step down immediately at the request of the White House, and new directors will make up the majority of GM’s board in a major management shake-up of the US’s largest carmaker, GM confirmed today.
The sweeping changes come just hours before President Barack Obama plans to unveil additional restructuring efforts designed to save GM and perhaps its Detroit-area competitor, Chrysler LLC, both of which are living on $17.4bn (€13.16bn) in government loans and have requested $21.6bn (€16.33bn) more.
