General Motors' Rick Wagoner on Monday said he has stepped aside as the chief executive officer of the company after US White House officials asked him to leave the ailing auto maker.
The US financial crisis and the resultant economic downturn pushed many a top honchos out of their corner rooms in 2009, but Citigroup's India-born chief Vikram Pandit continues to steer the once financial colossus out of its biggest ever crisis.
US Treasury Secretary Timothy Geithner has said he would not rule out the option of forcing out chief executives of banks which have received taxpayers' money but are not performing well.
GM Chairman and Chief Executive Rick Wagoner is scheduled to outline the plan to employees, the Wall Street Journal reported. "This is real, hard stuff," one person briefed on the plan told the paper. "It not only assures our survival, but will make us a radically leaner, more focused company with much lower fixed cost."
General Motors also plans to increase sourcing from India over the next 4-5 years to $1 billion annually.
Rick Wagoner, chairman and chief executive officer, General Motors, spoke to Business Standard on the Indian market.
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