GM CEO Wagoner to step down at White House request

GM CEO Wagoner to step down at White House request

news.yahoo.com

DETROIT – General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, and new directors will make up the majority of GM's board in a major management shake-up of the country's largest automaker, GM confirmed Monday.
The sweeping changes come just hours before President Barack Obama plans to unveil additional restructuring efforts designed to save GM and perhaps its Detroit-area competitor, Chrysler LLC, both of which are living on $17.4 billion in government loans and have requested $21.6 billion more.
GM President and Chief Operating Officer Fritz Henderson will take over as CEO, the company said in a statement released just after midnight.
Board member Kent Kresa, a former chairman and CEO of Northrop Grumman Corp., was named interim chairman. He said the board has known for some time that restructuring would bring a change in stockholders and create a need for new directors with additional skills.

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Here it goes...
This is where it will start, and I want everyone to mark the death of private industry in the United States.
I could continue to quote Ayn Rand, but whats the use.
I wonder if the unions will finally get their payback?
Oh, wait.
This is it, huh?

I think that we are going to see all of these companies begin to get puppet CEO's.
And all the old ones will move on to "task forces", similar to the former AIG director?

news.yahoo.com
(visit the link for the full news article)

This has been posted already.

www.abovetopsecret.com...

I work for a GM company. Its been known for a while that Wagoneer was leaving. He will heading up a small up start in california that makes cars that cost about 150k a piece and are hand made.

He only stayed on this long to ensure people that he wasnt jumping ship. Its win-win for both sides. The government has their scape goat and he gets to have his own lifeboat as the titanic sinks.