Rick Wagner has agreed to relinquish the posts at the request of the White House.
The chairman and chief executive of General Motors is to resign with immediate effect as the US Goverment prepares another multi-billion dollar bailout plan for the company.
GM has also announced a major shake-up of its board of directors.
The changes come just hours before President Barack Obama plans to unveil additional bailout for GM and its competitor Chrysler, which have already received more than $17bn in government loans.
John Boner (R) House Minority Leader - will bring the House (Republicans) down. - A Prediction!
PS. The impatience of the American Public, the faith that someone else will correct the problem and the finger pointing by the folks who caused the damage to our Economy is a lesson to be learned. A full blown realization of the "State of the Union" should surface somewhere around July 4th - Independence Day (end of the 2nd Quarter.) This current, but temporary, relief phase (yes, it's almost over) actually marks the beginning of the 2nd act of a 5 act Tragedy.