Obama forces GM chief to quit

  • Wagoner leaves GM posts
  • GM gets $10bn from US Gov
  • Peugeot-Citroen sacks chairman
Rick Wagoner
Rick Wagoner
US President Barak Obama has forced General Motors' chief executive and chairman, Rick Wagoner to resign.

Wagoner has been replaced by Fritz Henderson, who was previously the company's president and chief operating officer.

GM has already received nearly $10 billion (around £7 billion) from the US Government, to help it through the global recession, in the wake of systemic operating losses.

Wagoner was asked to stand aside by the Obama administration as a pre-condition of possible further financial support for GM.

'I was in Washington for a meeting with Administration officials,' said Wagoner. 'In the course of that meeting, they requested that I "step aside" as CEO of GM, and so I have.'

Peugeot-Citroen sacks its chairman
Meanwhile, Peugeot-Citroen has sacked its chairman, Christian Streiff, weeks after the company announced huge losses and swingeing job cuts.

The firm said it had removed Streiff because of the "extraordinary difficulties" the motor industry faces.
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