Rick Wagoner Resigns from GM

General Motors CEO Rick Wagoner is stepping down immediately, auto industry and White House sources told FOX Business on Sunday.

GM declined to comment on the report.

A White House official told FOX Business that Wagoner was asked by the Administration to step down as a precondition for the company to continue to get help with its restructuring.

"This does not surprise me... Rick has seen good and bad times and it seems that a fresh face is needed, said Mike Green, president of United Auto Workers Local 652 in Lansing, Mich. "There are a lot of smart, capable people inside GM and this will not muck up anything moving forward."

Wagoner, 56 years old, began his GM career as an analyst in the company's Treasurer's Office in New York in 1977. He had been CEOof the auto maker since 2000.

News of Wagoner's departure comes as the Obama Administration prepares to brief some people on Capitol Hill about its plans for the auto industry on Sunday evening, in advance of a formal announcement on Monday.

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