General Motors Chairman and CEO Rick Wagoner resigned Sunday, as a condition of the federal government’s continuing support for the troubled automaker.
Subsequent to his resignation, the administration gave GM 60 days to come up with a restructuring plan that it believes has a chance to succeed. (It also gave Chrysler 30 days to strike a deal with Italian automaker Fiat or be ineligible for additional federal funds.)
The move signals that President Barack Obama is taking a tougher stance toward the leaders of companies that are receiving government aid. But that begs the question, just how many American corporate chieftains will be forced to resign before the economic crisis is over?