General Motors Chairman and CEO Rick Wagoner has stepped down from his position at the request of President Barack Obama and his administration ending an eight year term at the helm of the company. The U.S. automaker announced that Wagoner will be replaced by Fritz Henderson, GM president and chief operating officer (COO). "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," said Wagoner in a statement.The Freep reported that Obama told Michigan lawmakers that GM and Chrysler had not met the terms of their loans and that neither company's plans were viable today. And while the administration and the members of the auto task force did not ask from Chrysler to change CEO, they did require from GM to oust Wagoner as a condition to keep federal loans flowing.
Wagoner had been working for GM since 1978, taking position as the firm's CEO in 2001. During his time at helm, GM saw its market share decline rapidly while the company reported losses of around $82 billion since 2004.
Source: GM & Freep
