According to Politico citing an unnamed White House official, Rick Wagoner will reportedly be stepping down as the CEO of General Motors at the request of the US Government, probably as part of conditions for more aid to be given to GM by the feds. In fact some sources day the 56 year old CEO already resigned yesterday.
The replacement for the outsted CEO who said over a week ago that he does not plan to resign anytime soon is likely to be GM’s COO Fritz Henderson, if the feds do not request for someone from the outside.
Chrysler chief executive Bob Nardelli is said to be safe from receiving similiar chopping, for now. If more and more aid is given to Chrysler (already $4 billion – they are asking for another $5 billion) with no results like GM so far, he may face the axe.
A formal announcement has yet to be made – Politico quoted the White House official and the rest of the media world ran the story. Look after the jump for a video of one of the latest congressional hearings regarding the Detroit Three bailout. One of the congress members (Senator Bob Corker) basically sums up what he thinks their plans to use the money are, quite interesting.
In other auto CEO news, PSA Peugeot Citroen has fired its CEO Christien Streiff and replaced him Philippe Varin, the man who oversaw the merger of Corus and Tata Steel two years ago. Streiff was replaced because his ability to perform as CEO was in doubt. He had two minor strokes in 2008. Apparently the board was also not happy with Streiff’s go-it-alone management style.