Detroit, Michigan – Rick Wagoner is expected to resign from his position as CEO of General Motors, according to several reports, which suggested that the U.S. Administration asked for his resignation.
Wagoner, who joined the company in 1977, has been chairman and CEO of GM since May 2003, and president and CEO since 2000. He has repeatedly said that he did not intend to step down and felt his leading the automaker through the economic crisis was in its best interest.
In a statement, General Motors said that it is anticipating an announcement from the government regarding the restructuring of the U.S. auto industry and would not speculate on the content of any announcement. The company has requested more than US$16 billion in additional government aid.
Several sources, including The Associated Press, said that Wagoner will leave the company immediately.