General Motors CEO Rick Wagoner to Step Down

General Motors CEO Rick Wagoner will step down after more than eight years with the company.

From Bloomberg:

General Motors Corp. Chief Executive Officer Rick Wagoner will step down after more than eight years running the largest U.S. automaker, people familiar with the situation said.

The people, who asked not to be named because the announcement hasn’t been made, didn’t give a reason why Wagoner, 56, is leaving. Wagoner said as recently as March 19 that he didn’t plan to resign.

From the New York Times:

The chairman and chief executive of General Motors, Rick Wagoner, is resigning, just as President Obama prepares to unveil his rescue plans on Monday for G.M. and the ailing American auto industry, according to a person close to the decision.

The unexpected move by Mr. Wagoner, who has been at the helm of G.M. for eight years, was not confirmed by the company. But a statement about Mr. Wagoner’s future will be issued after the president’s address.

G.M. and Chrysler are on the verge of exhausting the $17.4 billion in federal loans given to them since December. G.M. has asked for up to $16.6 billion more, and Chrysler another $5 billion.

The president’s auto task force is expected to recommend more short-term assistance to the two Detroit companies, but with tight strings attached to the money and a new deadline to get concessions from union workers and creditors.

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