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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.