General Motors chief 'set to quit' - News in brief - Evening Standard
       

General Motors chief 'set to quit'

Rick Wagoner will step down immediately as chairman and chief executive of General Motors, according to reports in the United States.

The source asked not to be identified because Mr Wagoner's plans have not been formally announced.

The move comes on the eve of President Barack Obama unveiling his plan to reinvigorate the US car industry.

Mr Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp and Chrysler LLC before they would get any more government loans.

Both companies are living on a total of 17.4 billion US dollars (£12.16bn) in federal aid.

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