GM chief Wagoner to resign at Obama's request

General Motors Corp. Chairman and Chief Executive Rick Wagoner is resigning from his leadership of the troubled automaker at the request of the Obama administration.

Wagoner's departure is part of the restructuring agreement between GM and the U.S. government, which will clear the way for the company to receive further federal loans.

Chief Operating Officer Frederick "Fritz" Henderson will serve as CEO until a permanent replacement is found, with longtime director Kent Kresa serving as interim chairman.

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- Posted: 2009-03-30 06:52:27

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