GM boss forced out by Obama

Posted on March 30th, 2009 by In51der in Manufacturers, News

The chief executive of struggling US car company General Motors – Rick Wagoner – has agreed to step down.

He will leave his post immediately at the request of the White House, a government official confirmed.

President Barack Obama is preparing to outline terms for offering more help to GM and fellow car giant, Chrysler.

The two firms have already received $17.4bn (£14.4bn) in bail-outs. Chrysler has requested a further $5bn while GM says it needs $16.7bn more.

Fritz Henderson, the GM president and chief operating officer, will replace Mr Wagoner.

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