**File Photo**

**File Photo** General Motors (GM) Chief Executive Rick Wagoner will resign from his post as part of the federal government's plan to bail out the struggling automaker. Fritz Henderson, the current chief operating officer, is widely expected to be named interim CEO of GM. The company and Chrysler have until Tuesday (31Mar09) to prove to the Treasury Department that they can be viable in the long term. If they fail to do so, the government can recall the $13.4 billion it has already lent to GM and the $4 billion it loaned to Chrysler. GM has been hit hard as auto sales have plummeted. Sales have continued to tumble at around 50 per cent so far this year (09). USA - 29.03.09 CEO of General Motors, Richard Wagoner The Banking, Housing and Urban Affairs Committee held a hearing on the US Auto Industries request for a $25 billion bailout at the Dirksen Building.
Washington DC, USA - 11.18.08
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