Rick Wagoner "Steps Aside" as CEO of GM

Shocking news just ahead of the March 31 deadline when the United States government must decide whether to provide more funding to General Motors: Rick Wagoner, chairman and CEO, leaves the company immediately to be replaced by Fritz Henderson, GM president and chief operating officer. In addition, Kent Kresa, chairman emeritus, Northrop Grumman Corporation, has been named interim non-executive chairman of the board of directors.

Rick Wagoner, 56-year-old, became president and CEO of General Motors in 2000, gaining the chairman role in 2003. Henderson, 50-year-old, previously served as vice chairman and chief financial officer, was named president and chief operating officer of the American automaker in 2008.

Wondering what's the reason? Although many of you would say poor management and a wrong market strategy that brought the company close to collapse, Rick Wagoner says the Administration officials asked him to "step aside", so this was the only possible solution.

Here is the complete statement of Rick Wagoner in which he explains his decision:

On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I “step aside” as CEO of GM, and so I have.

Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts. His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM’ers worldwide to succeed. I wish him well, and I stand ready to support him, and interim Non-Executive Chairman Kent Kresa, in every way possible.

I also want to extend my sincerest thanks to everyone who supported GM and me during my time as CEO. I deeply appreciate the excellent counsel and commitment of the GM Board and the strong support of our many partners including our terrific dealers, suppliers, and community leaders. I am grateful as well to the union leaders with whom I have had the chance to work closely to implement numerous tough but necessary restructuring agreements.

Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.