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White House, GM Give CEO Rick Wagoner His "Walking Papers"

Last updated on Monday, March 30, 2009

(DETROIT, MI) - General Motors employees, all of them, will be thinking of the line from “The Who” song, that goes “meet the new boss,” but will he be the same as the old boss?

Our partners at Fox News are reporting GM Chief Executive Officer Rick Wagoner will be stepping down today, and is expected to be replaced by GM Chief Operating Officer Fritz Henderson. GM Board Member Kent Kresa, who has served on the board for around 6 years, will stand in as interim Chairman.

What's more is the Obama Administration in Washington told the Detroit auto company that the departure of Wagoner was a precondition for GM to continue receiving government bailout funding.

Wagoner has been a controversial leader of the company since becoming a "C-Level" executive in 1992, and CEO in 2000.

Among the lows, outside of financial performance, was Wagoner's decision to discontinue the GM EV1 electric vehicle, which he calls his "worst decision," but high's include his hiring of chief "car guy" Bob Lutz, and Design Chief Ed Welburn, both of whom have led GM's perceived automotive "renaissance" as of late.

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