UK and US headlines: Obama steps in to rescue the market; GM CEO Wagner announces resignation

Thread Content

Reposted to HaiCi for sharing among language enthusiasts. Top news from the UK and US: Obama steps in to save the auto industry; GM CEO Rick Wagner announces his resignation. Rick Wagner, the CEO of General Motor, declared his resignation at the request of the White House. GM’s headquarters in China stated that Rick Wagner had announced his resignation as CEO, with the decision taking effect immediately. Wagner is 56 years old and has held the position of president and CEO since 2003. Henderson, who has been GM’s CCO since 2008 and was previously the company’s vice president and CFO, will assume the role of CEO. Kent Kresa, an honorary executive at Northrop Grumman Corporation, was appointed as non-executive president; he became a member of GM’s board in 2003. GM is still awaiting the restructuring plan proposed by President Obama, and it will provide further updates on this matter. An anonymous White House official cited in reports said that President Obama will announce the measures to rescue the automotive industry on the 30th, with Rick Wagner’s resignation being a prerequisite for receiving financial assistance. Rick Wagner, GM’s CEO, will resign immediately as required by the White House. According to the PR department of General Motors China, Wagner announced his resignation as chairman and CEO of General Motors, effective immediately. Wagner is 56 years old; he became President and CEO of General Motors in 2000, and has served as Chairman of General Motors since 2003. Han De-sheng, President and CEO of the automobile company, will serve as the CEO. Han Desheng, 50 years old, has served as President and Chief Operating Officer of General Motors since 2008. Previously, he served as Vice Chairman and Chief Financial Officer of General Motors. Kent Kresa, honorary chairman of Northrop Grumman Corporation in the United States, has been appointed as the interim non-executive chairman of the board. Kresa became a member of General Motors’ board of directors in 2003. General Motors is still awaiting an automotive restructuring plan from President Obama and the President’s Special Task Force on the Auto Industry. General Motors will provide more relevant feedback at that time. The report cited an anonymous White House official as saying that U.S. President Obama is scheduled to announce new measures to save the automotive industry on the 30th, and Wagner’s resignation is one of the prerequisites for General Motors to continue receiving federal loan assistance.