According to BusinessWeek – the CEO of General Motors (GM) Rick Wagoner has agreed to step down. BusinessWeek’s Detroit bureau chief David Welch confirms that after eight tumultuous years of running the largest automaker, Wagoner will take the fall as the federal government prepares to extend more billions of taxpayer money to keep GM (and Chrysler) afloat. Wagoner, 56, had previous denied he would step down, and he resisted efforts to push GM into bankruptcy reorganization.
Wagoner’s likely replacement, unless the government hires from outside the company, would be Chief Operating Officer Fritz Henderson. The resignation of Wagoner comes as President Obama prepares an address Monday morning on his plans for the future of the U.S. auto industry.