General Motors CEO Rick Wagoner out, replaced by COO Fritz Henderson

General Motors chairman and CEO Rick Wagoner has agreed to "step aside" after pressure from the Obama administration last week, ending his eight-year tenure at the helm as the company seeks additional federal aid. He's been replaced by GM President and COO Fritz Henderson, effective immediately. GM confirmed the moves shortly after midnight Monday.

In a statement, Wagoner said he agreed to leave after meeting with the Obama administration Friday in Washington. The 56-year-old had been CEO since 2000 and chairman since 2003.

"In the course of that meeting, they requested that I 'step aside' as CEO of GM, and so I have," Wagoner's statement said.

During his time at the helm, GM has reported staggering financial losses--about $82 billion since 2004--and seen its sales and market share decline dramatically. The company also lost its title of world's largest automaker to Toyota this year after 77 years on top.

Critics have panned Wagoner for being slow to react to industry changes and in implementing a sweeping restructuring plan. Still, during his time in charge, GM has drastically cut costs, reduced its workforce and ironed out new deals with the UAW. The company also has been lauded for improved products and appears on pace to roll out the much-anticipated Chevrolet Volt by the end of 2010.

Wagoner's ouster comes in the wake of sharp criticisms by President Barack Obama of the executive teams at insurance giant AIG and banks. He's hinted that additional auto aid would require greater "sacrifices." GM is currently operating on $13.4 billion in government loans, and is seeking up to $16.6 billion in additional aid.

Henderson, 50, also was GM's vice chairman and CFO before being named president in 2008.

In a statement, Wagoner praised his successor.

"Fritz Henderson is an excellent choice to be the next CEO of GM," Wagoner said. "Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts.

"His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM

By Greg Migliore