Wagoner Is Out At GM
By Brendan Moore
Rick Wagoner, CEO of General Motors, will resign as part of the conditional approval for further federal aid for the struggling company.
Automotive News, Reuters and The Wall Street Journal are all reporting that Wagoner’s departure is imminent and that he was asked to leave as one of the many preconditions Washington wants in order to release more federal funds for GM’s restructuring.
General Motors has asked for approximately $30 billion USD in aid from the government, and has already received $13.4 billion of the total. The remaining $16.4 billion has been requested by GM, and a decision has been promised from the Treasury by March 31. GM almost ran out of money at the end of 2008 before it received the first loan.
Wagoner has been CEO of GM for eight years.
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