General Motors CEO Rick Wagoner will be stepping down as the head of the deeply troubled American auto giant by the end of the month - this according to several reports including CNBC and GMInsideNews.
Wagoner apparently did not come to the decision on his own and while he was not "forced" he was apparently asked to abdicate the General Motors throne by senior White House officials. GM's Vice President, Fritz Henderson is expected to take over the helm of the company (We don't envy him).
Wagoner took up the position of CFO at GM in 1992, becoming executive vice president in 1994. In 2000 he continued to move up the corporate ladder, taking a new position as president and chief operating officer, adding chairman to that long list of titles in 2003.
During Wagoner's reign, GM's shares have taken a catastrophic hit, dropping from a high of $60 to a low of $1.27 - a loss of roughly 98 percent.
More: General Motors CEO Rick Wagoner Quits: Restructuring FAIL on AutoGuide.com