Head of GM to Resign

By WISE Web News

Head of GM to Resign

June 18, 2010 Updated Mar 29, 2009 at 5:52 PM EDT

DETROIT (AP) - A person with knowledge of General Motors' plans
says Rick Wagoner will step down immediately as chairman and chief
executive of the struggling Detroit automaker.
The person asked not to be identified because Wagoner's plans
have not been formally announced.
The move comes on the eve of President Obama unveiling his plan
to reinvigorate the U.S. auto industry. Obama and other
administration officials have said they would demand deeper
restructuring from General Motors Corp. and Chrysler LLC before
they would get any more government loans.
Both companies are living on a total of $17.4 billion in federal
aid.




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