In a stunning move for a U.S. President, Barack Obama — via his auto task force — has forced the ouster of Rick Wagoner, 56, the CEO of General Motors, who had been at the helm of the automaker for eight years. His career with the company spanned 32 years.
As recently as March 19th, Wagoner vowed: “I plan to stay here until we get things well in shape and on track.”
The Obama administration threatened to withhold bailout money from the company unless Wagoner left.
According to a report in The Hill, Democrat Carl Levin, Michigan’s senior senator, said the move was put into action minus any congressional input.