Obama to Unveil Auto Plans

Rick Wagoner is stepping down from General Motors ( GM) at the behest of the White House, after having served at the company for three decades.

The chairman and CEO of the troubled U.S. automaker is stepping down immediately, the company confirmed early Monday.

Shares of GM were down 95 cents to $2.67 in recent trading Monday.

GM said in a statement that Fritz Henderson, GM's president and chief operating officer, will serve as CEO. Henderson, 50, was named to his current position in 2008. He was previously vice chairman and chief financial officer.

President Obama will speak at 11 a.m. EDT on Monday about the plans for the automakers. He is expected to reiterate that neither GM nor Chrysler submitted acceptable plans to receive additional federal bailout money.

Kent Kresa, former chairman of Northrop Grumman, has been named interim non-executive chairman of the board. Kresa became a GM director in 2003.

New directors will make up the majority of GM's board, the automaker said.

"The board has recognized for some time that the company's restructuring will likely cause a significant change in the stockholders of the company and create the need for new directors with additional skills and experience," Kresa said in a written statement.

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 to undergo significant restructuring in exchange for additional government loans.

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