US senator says GM CEO should step down

December 8th, 2008 - 7:09 am ICT by IANS  

Washington, Dec 8 (Xinhua) US Senate Banking Committee Chairman Christopher Dodd Sunday said that the General Motors CEO Rick Wagoner should step down if the company receives emergency government loans. “I think he has to move on,” Dodd said on CBS’s “Face the Nation” programme.

In an interview broadcast Sunday on NBC’s “Meet The Press”, president-elect Barak Obama also hinted that some executives of the auto industry would lose their jobs.

“What we haven’t seen is a sense of urgency and the willingness to make tough decisions. And what we still see are executive compensation packages for the auto industry that are out of line compared to their competitors, their Japanese competitors, who are doing a lot better,” Obama said in the interview.

When asked whether the top executives should remain in the jobs, he said: “Here’s what I’ll say, that it may not be the same for all the companies. But what I think we have to put an end to, is the head-in-the-sand approach to the auto industry that has been prevalent for decades now.”

The White House and Congress will work out a $15-17 billion emergency loan to save the auto industry from bankruptcy, US media reported.

However, General Motors Corp, Chrysler LLC and Ford Motor Co said they should have $34 billion from Congress to forestall possible collapse.

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