CityNews.ca Staff
An announcement out of Detroit has taken the auto world by surprise.
Officials with the Obama administration say General Motors CEO Rick Wagoner will step down immediately at the request of the White House. The news comes as President Obama prepares to unveil additional restructuring plans designed to save the domestic auto industry.
Obama will put forth the strategy Monday as part of the conditions for more government loans for GM and Chrysler.
Wagoner, 56, has been chairman and chief executive since 2003 and has said it would be better if he led the company through its current crisis.
Canadian Auto Workers Union head Ken Lawenza says word of Wagoner's departure is a shock and comes at a bad time for the ailing company.
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