Updated from 12:33 a.m. EDTRick Wagoner's three-decade ride at General Motors ( GM) is coming to an end. The chairman and CEO of the troubled Big Three automaker is stepping down immediately, according to published media reports. Citing anonymous Obama administration sources, the Associated Press reported that Wagoner's resignation comes at the request of the White House. The news comes as the administration is preparing to unveil Monday its plan for providing additional aid to the auto industry. The White House is expected to ask GM and Chrysler LLC to undergo significant restructuring in exchange for additional government loans. Speaking in an interview on CBS' "Face the Nation" broadcast Sunday, President Obama said automakers need to do more to qualify for additional help. "They're not there yet," he said. Obama also said, "We think we can have a successful U.S. auto industry. But it's got to be one that's realistically designed to weather this storm and to emerge at the other end much more lean, mean, and competitive than it currently is." Two people familiar with the plan said Sunday that the Obama administration would give GM enough government aid to restructure over the next 60 days, while Chrysler will get up to $6 billion and 30 days to complete an alliance with Italian automaker Fiat. The officials spoke on condition of anonymity because they were not authorized to make details public. Fritz Henderson, GM's president and chief operating officer, became the new CEO, a Treasury Department source said. Board member Kent Kresa, the former chairman and CEO of defense contractor Northrop Grumman ( NOC), will be interim chairman of the GM board. One official said a majority of the GM board was expected to step down.