WASHINGTON, D.C. — General Motors’ (GM) CEO Rick Wagoner was forced to resign Sunday at the behest of the Automotive Task Force panel established by the Obama administration as part of the government’s bailout package for the ailing automakers. Wagoner has lead GM since 2000. Fritz Henderson, GM president and chief operating officer, will succeed Wagoner as CEO. 
Both General Motors and Chrysler are under intense scrutiny from the U.S. government after it was announced that the White House has rejected the two automakers’ restructuring plans.
According to reports, the government will only provide funding for GM’s operations for the next 60 days while it develops a revised restructuring plan. GM originally asked for an additional $16 billion in loans.
According to a Reuters report, Chrysler, which is currently owned by private equity, has just 30 days to complete its proposed technology partnership with Fiat or the government could cut off its funding as well. If the Fiat deal is successful, the government could give Chrysler an additional $6 billion to support the partnership, said a report in the Detroit Free Press.
