Rick Wagoner has resigned from his job as chief executive and chairman of General Motors. He has been replaced by Fritz Henderson, who was previously the company’s president and chief operating officer.
GM has already received nearly £10bn 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 further financial support.
“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.”