So, all President Obama had to do was ask the CEO to resign, and he agrees.  I wish former President Bush would have thought of that one before giving away billions to the auto industry.  This is from Politico,

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.

The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.

……….

Obama and his aides may have honed in on Wagoner for two reasons. First, his company is asking for the most in total federal aid: $26 billion, a figure administration officials fear could grow even larger. Second, the GM chief was tied more directly to the ill-fated decisions that that brought much of the American auto industry to the brink of collapse. Wagoner joined GM in 1977, has had a senior role in GM management since 1992, and became CEO of the company in 2000. He is considered responsible for increasing GM’s focus on trucks and SUVs—at the expense of the hybrids and fuel efficient cars that have become more popular in the last couple of years.

I think this is a good thing.  There is no way a CEO should keep their job if they can’t manage the business properly.  Though, the problem was Americans buying too many SUVs and trucks, its in the companies best interest to look forward.  It was obvious that eventually trucks and SUVs were not going to be the future of the auto industry.  Not focusing on fuel efficient cars is what helped bring GM and Chrysler down.  Then for GM to ask for $26 billion after already receiving 9.4 billion seems to suggest that the company hasn’t been making much improvements.  The Rick Wagoner resignation is definitely a step in the right direction.  Maybe the Obama administration can ask a few more company CEOs to step down…just a suggestion.

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