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| GM chairman to leave US car maker | GM chairman to leave US car maker |
| (10 minutes later) | |
| The chief executive of the struggling US car company, General Motors - Rick Wagoner - has agreed to step down. | The chief executive of the struggling US car company, General Motors - Rick Wagoner - has agreed to step down. |
| He will leave his post immediately at the request of President Barack Obama's administration, a senior official confirmed to the BBC. | He will leave his post immediately at the request of President Barack Obama's administration, a senior official confirmed to the BBC. |
| The news comes as the president prepares to announce new plans to help GM and fellow car giant, Chrysler. | The news comes as the president prepares to announce new plans to help GM and fellow car giant, Chrysler. |
| The two car manufacturers have already received $17.4bn (£14.4bn) in support, and are seeking as much as again. | The two car manufacturers have already received $17.4bn (£14.4bn) in support, and are seeking as much as again. |
| GM plans to axe 47,000 jobs and Chrysler 3,000, as well as shedding a number of car models. | |
| The job cuts would take place by the end of 2009 and are the largest work force reduction announced by a by a US firm in the current downturn. | The job cuts would take place by the end of 2009 and are the largest work force reduction announced by a by a US firm in the current downturn. |
| Mr Wagoner, 56, has headed GM for almost six years, after first joining the company in 1977. | |
| The news comes as France's biggest car maker, Peugeot Citroen, sacked its chairman Christian Streiff, citing "extraordinary difficulties" in the automotive industry. | |
| Brands halved | Brands halved |
| GM has seen sales fall sharply in the US | |
| In December, GM had said it would cut the number of plants from 47 in 2008 to 38 by 2012, but now plans to close a further five factories, which would leave it with 33 facilities. | In December, GM had said it would cut the number of plants from 47 in 2008 to 38 by 2012, but now plans to close a further five factories, which would leave it with 33 facilities. |
| The carmaker's brands would also be reduced from eight to four - Chevrolet, Buick, Cadillac and GMC. | The carmaker's brands would also be reduced from eight to four - Chevrolet, Buick, Cadillac and GMC. |
| GM and Chrysler received their first bail-outs at the end of last year, warning that without the support they risked financial ruin. | GM and Chrysler received their first bail-outs at the end of last year, warning that without the support they risked financial ruin. |
| Ford, the third of the "Big Three" US carmakers, has yet to require any bail-outs, but says it may need funds in the future. | Ford, the third of the "Big Three" US carmakers, has yet to require any bail-outs, but says it may need funds in the future. |
| GM, Ford and Chrysler have all seen sales fall sharply in their home market. | GM, Ford and Chrysler have all seen sales fall sharply in their home market. |