AP: GM CEO Wagoner To Resign

March 29, 2009
GM chairman Richard Wagoner 2008

GM chairman Richard Wagoner 2008

The Associated Press is reporting that General Motors CEO Rick Wagoner will resign today.

The news report does not cite a source, saying that a person with knowledge of the situation confirmed Wagoner's move.

The story suggests the resignation will come prior to President Barack Obama's next move in the bailout of the U.S. auto industry, set for early this week. Obama is expected to announce more federal loans to GM and Chrysler, with a firm deadline for restructuring. A failure to meet that deadline could send the companies into a pre-packaged Chapter 11 filing, according to some sources.

Stay tuned for more--and let us know in a comment below if you think it's time for Wagoner to step down.

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