General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. Although Wagoner has been trying to steel the automaker giant towards the right direction, his effort is considered by some administration officials too little and too slow.
Wagoner's resignation is seen as a step in President Obama's effort in restructuring and transforming the U.S. auto industry. I hope his resignation would allow further and deeper overhauls. To survive and compete in the future, our decades-old auto industry desperately needs a whole new culture that inspires hard work, competition, efficiency, and innovation.
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