Cheers Rick! General Motors CEO Resigns

Rick Wagoner has resigned from his position as Chief Executive Officer of General Motors. The report comes from Reuters, where Rick wagoner apparently resigned after pressure from the Obama administration.

It was suspected that the decision to resign as CEO started on Friday when Wagoner was in Washington, D.C, where he was in a meeting with Steve Rattner. General Motors have not yet released an official statement, but it was said that the resignation was done at the request of the Obama administration.

Obama has said that GM and Chrysler have no yet done enough to prove their viability since receiving a $17.4 billion bailout in December. The new CEO is expected to be announced very soon.