Wagoner rolls aside

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} In an unprecedented foray into private industry, President Barack Obama has demanded a sacrifice before any more government money is thrown at General MotorsÔÇöthe resignation of GM chairman and chief executive Rick Wagoner.   "On Friday I was in Washington for a meeting with Administration officials,ÔÇØ Wagoner said in a statement. ÔÇ£In the course of that meeting, they requested that I ÔÇÿstep asideÔÇÖ as CEO of GM, and so I have.ÔÇØ   Wagoner, 56, first joined GM in 1977 and has been CEO since 2000. Frederick "Fritz" Henderson, president and chief operating officer, will replace him as CEO.   "Fritz Henderson is an excellent choice to be the next CEO of GM,ÔÇØ Wagoner added. ÔÇ£Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts."   When Wagoner became chief executive of GM North America in 1994, the company held 33 percent of the US market, but this has been gradually whittled away to 22 percent.   GM has already received approximately $13.4 billion in Treasury loans and said in February it needs up to $16.4 billion in additional aid.   The company has lost $82 billion in four years, however, and with the American auto market in its worst slump for thirty years, the Obama administration is determined to pursue a radical redesign of the business model.   In December, GM had said it would cut the number of plants from 47 in 2008 to 38 by 2012, but now plans to close a further five factories, which would leave it with 33 facilities. It is understood that GMÔÇÖs brands will also reduced to just four in the USÔÇöChevrolet, Buick, Cadillac and GMC. Up to 47,000 jobs could also be lost in the restructuring.   WagonerÔÇÖs exit comes at a time when Christian Streiff, chairman of France's biggest automaker, Peugeot Citroen, has also lost his job, due to "extraordinary difficulties" in the automotive industry.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *