The chairman and chief executive of General Motors, Rick Wagoner, resigned Sunday as part of an agreement with the Obama administration to save the ailing auto giant, according to sources familiar with the situation.
An official announcement on Rick Wagoner's departure has not been made. On Monday, Barack Obama is set to announce measures to restructure GM and Chrysler in exchange for additional government loans. The two companies have already received $17.4 billion in government aid and have requested $21.6 billion more.
Rick Wagoner has served as G.M.’s top executive since 2000. Michael Useem, a professor of management at the Wharton School said:
“The bigger surprise is not that he resigned. That was going to happen sooner or later. But the moment seems inexplicable.”
David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich., said:
"I think that as a condition for further government support, this helps give them a little cover with the public. Essentially he's taking one for the team."
Rick Wagoner joined GM in 1977. He became president and chief executive in 2000 and has served as chairman and CEO since May 2003.
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