Sen. Chris Dodd wants General Motors CEO Rick Wagoner “to move on” and a new management team in place if a government bailout is going to move forward, reports the Wall Street Journal. While not making it an outright condition for a rescue package, the Connecticut Democrat told CBS’ Face the Nation that "You've got to consider new leadership."
Projected to run out of cash before year's end, GM and Chrysler are both seeking billions in short-term loans. Wagoner, who’s been CEO since 2000, is facing pressure on many fronts to leave. President-elect Barack Obama said management has to be willing to make tough choices or leave, and a top adviser to billionaire Kirk Kerkorian is calling for board changes as well.