According to Tim Krisher of Associated Press, the US Government has requested that Rick Wagoner step down as GM CEO as part of GM’s restructuring plans. Wagoner’s departure, and of others in GM’s senior management, reportedly forms part of the deal if GM is to win approval for the billions of loan dollars it has requested from Congress.

Both GM and Chrysler have been kept afloat on $17.4 billion in tax-payer funded government aid. They have requested an additional $21.6 billion to assist their return to profitability. President Obama is soon to announce his administration’s blueprint for GM and Chrysler in exchange for the additional loan funds.

Wagoner has apparently agreed to move aside and COO Fritz Henderson is seen as most likely to move into the top spot.

GM has not yet officially confirmed this news and Krisher explains his source as being “a person with knowledge of General Motors’ plan”.

US Treasury auto adviser Steve Rattner recently described Wagoner as an “exceptionally cooperative,” “energetic” and “thoughtful” participant in the talks to save GM.

[source: AP via Autoblog]