BREAKING: General Motors CEO Rick Wagoner resigns under pressure from Obama

Just a day before President Barack Obama announces his plans to help General Motors and Chrysler LLC, Rick Wagoner has resigned his position as Chief Executive Officer of GM. According to a report by Reuters, Wagoner resigned after being pressured from the Obama administration on Sunday as the government prepares to announce the second round of bailout money for the Detroit automaker.

It was reported on Friday, that Rick Wagoner was in Washington, D.C. meeting with Steve Rattner and the auto task force. We’re guessing the decision to resign his position as CEO started then. GM has yet to release any official statement but a White House official says that the resignation was done at the request of the Obama administration.

Obama said earlier today that GM and Chrysler have not done enough to prove their viability since receiving a $17.4 billion bailout in December.

A successor to Wagoner, who has been CEO since 2000, will most likely be announced tomorrow following Obama’s announcement on what extra help will be provided to the auto industry.

– By: Omar Rana

Source: Reuters