GM's (GM) Wagoner Forced Out By The Government
More News related to GM
- GM said to consider shutting down Saab brand without a buyer
- GM's sale of Saab is off -CNBC
- GM Discusses Sales Figures on Conference Call: Sees 10-15% Rise in November
- Geo Announces Inmet Deals
- Geo Announces Inmet Deals
More News related to Hot List
- TiVo (TIVO) Reports Inline Q3 Loss of $0.06; Guides Q4
- Windstream (WIN) to Acquire Iowa Telecom (IWA) for 0.804/Shares Plus $7.90 in Cash; Deal Valued at $1.1B
- Barnes & Noble (BKS) Reports In-Line Loss of $0.30; Lowers FY Guidance
- Q3 Revised GDP: Up 2.8%, Inline with Consensus; Personal Consumption: 2.9%
- Medtronic (MDT) Tops Q3 Views; Guides FY10 EPS Above the Street
According to various media reports, long-time General Motors' (NYSE: GM) CEO Rick Wagoner is stepping down immediately at the request of the Obama administration, in order to clear the way for additional federal aid to the struggling automaker.
The Wall Street Journal called it "one of the most dramatic government interventions in private industry since the economic crisis began last year."
Wagoner will be replaced on an interim basis by GM COO Frederick "Fritz" Henderson.
GM has already received $13.4 billion from the government and is seeking up to $16.6 billion more, surviving through the end of last year only because of the government lifeline.
On Monday, President Obama is expected to unveil his interim conclusions on the viability of bailed-out automakers, GM and Chrysler, and what steps will be needed to return the companies to profitability. Obama will likely hold off announcing new funds for the two as negotiations between the automakers continue with their unions and bondholders.
In remarks on CBS's "Face the Nation" Sunday, Obama said he is going to require, "a set of sacrifices from all parties -- management, labor, shareholders, creditors, suppliers, dealers" in order for the automakers to weather this storm and emerge as strong, viable companies.
Related Categories
Hot ListManagement Changes
Stocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
