GM CEO Wagoner to step down at White House request

By AP

DETROIT (AP) – DETROIT (AP) - Rick Wagoner has stepped down as chairman and CEO of General Motors under pressure from the White House.

GM says in a statement today that president and chief operating officer Fritz Henderson is the Detroit automaker's new CEO.

Board member Kent Kresa has been named interim chairman of the GM board. The automaker says new directors will make up the majority of the board.

The shake up comes as President Barack Obama prepares to unveil plans to restructure GM and Chrysler in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.