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| GM chairman forced out by Obama | GM chairman forced out by Obama |
| (39 minutes later) | |
| The chief executive of struggling US car company General Motors has been ordered to step down by US President Barack Obama. | |
| Rick Wagoner will leave immediately, a government official confirmed. | Rick Wagoner will leave immediately, a government official confirmed. |
| Mr Obama is preparing to outline terms for offering more help to GM and fellow car giant Chrysler. | Mr Obama is preparing to outline terms for offering more help to GM and fellow car giant Chrysler. |
| The two firms have already received $17.4bn (£14.4bn) in bail-outs. Chrysler has requested a further $5bn while GM says it needs $16.7bn more. | The two firms have already received $17.4bn (£14.4bn) in bail-outs. Chrysler has requested a further $5bn while GM says it needs $16.7bn more. |
| Plans rejected | Plans rejected |
| Reports have suggested that a frustrated Mr Obama will reject GM and Chrysler's turnaround plans as unrealistic, raising the risk of the carmakers' bankruptcy. | Reports have suggested that a frustrated Mr Obama will reject GM and Chrysler's turnaround plans as unrealistic, raising the risk of the carmakers' bankruptcy. |
| Obama: Car industry 'must do more'. Courtesy of CBS 'Face the Nation' | Obama: Car industry 'must do more'. Courtesy of CBS 'Face the Nation' |
| The auto task force appointed by Mr Obama released two reports on Monday on the financial health of both carmakers, saying that Chrysler was "not viable" in its current form. | The auto task force appointed by Mr Obama released two reports on Monday on the financial health of both carmakers, saying that Chrysler was "not viable" in its current form. |
| It demanded a merger with Italy's Fiat or another carmaker if Chrysler was to survive and said the Obama administration would only provide the company working capital for the next 30 days. | It demanded a merger with Italy's Fiat or another carmaker if Chrysler was to survive and said the Obama administration would only provide the company working capital for the next 30 days. |
| It also said that it would pledge to fund GM's operations for the next 60 days only, requiring the carmaker to come up with another plan detailing further restructuring. | It also said that it would pledge to fund GM's operations for the next 60 days only, requiring the carmaker to come up with another plan detailing further restructuring. |
| "While Chrysler and GM are different companies with different paths forward, both have unsustainable liabilities and both need a fresh start," the task force said. | "While Chrysler and GM are different companies with different paths forward, both have unsustainable liabilities and both need a fresh start," the task force said. |
| "Their best chance at success may well require utilising the bankruptcy code in a quick and surgical way." | "Their best chance at success may well require utilising the bankruptcy code in a quick and surgical way." |
| Leaner, meaner | Leaner, meaner |
| In an interview with US broadcaster CBS, President Obama said the firms must do more to justify further aid, saying "they're not there yet". | In an interview with US broadcaster CBS, President Obama said the firms must do more to justify further aid, saying "they're not there yet". |
| "We think we can have a successful US auto industry," the president said. | "We think we can have a successful US auto industry," the president said. |
| GM BRANDS ChevroletBuickPontiacGMCSaturnCadillacOldsmobileHummerHoldenGM DaewooSaabOpelVauxhall | |
| "But it's got to be one that's realistically designed to weather this storm and to emerge - at the other end - much more lean, mean, and competitive than it currently is." | "But it's got to be one that's realistically designed to weather this storm and to emerge - at the other end - much more lean, mean, and competitive than it currently is." |
| GM plans to axe 47,000 jobs and Chrysler 3,000, as well as shedding a number of car models. | 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 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 US firm in the current downturn. |
| Mr Wagoner, 56, has headed GM since 2000, after first joining the company in 1977. | Mr Wagoner, 56, has headed GM since 2000, after first joining the company in 1977. |
| Fritz Henderson, the GM president and chief operating officer, will replace Mr Wagoner. | Fritz Henderson, the GM president and chief operating officer, will replace Mr Wagoner. |
| The news comes as France's biggest carmaker, Peugeot Citroen, sacked its chairman Christian Streiff, citing "extraordinary difficulties" in the automotive industry. | The news comes as France's biggest carmaker, Peugeot Citroen, sacked its chairman Christian Streiff, citing "extraordinary difficulties" in the automotive industry. |
| Brands halved | Brands halved |
| 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. |
| GM has seen sales fall sharply in the US | GM has seen sales fall sharply in the US |
| 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. |
| Have you been affected by issues covered in this story? Do you work for GM? Send us your comments and experiences using the form below. | Have you been affected by issues covered in this story? Do you work for GM? Send us your comments and experiences using the form below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |