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Those of you who felt it was a long time coming may find the news a little disappointing. ABC News pulled no punches:

Under Wagoner's leadership, GM lost tens of billions of dollars, took billions in taxpayer-financed aid, and announced plans to cut 47,000 employees by the end of 2009

[ABC News]

More about Frederick (Fritz) A. Henderson:

Fritz became GM president and chief operating officer on March 3, 2008. He had been vice chairman and chief financial officer since January 1, 2006.

Reporting to Henderson in his current position are GM's four regional presidents, as well as the global leaders for powertrain, quality, manufacturing and labor relations, and purchasing and supply chain. Henderson is a member of GM's Automotive Strategy Board and Automotive Product Board.

Born in Detroit, Michigan, on November 29, 1958, Henderson earned a bachelor of business administration degree with high distinction from the University of Michigan in 1980, with an emphasis in accounting and finance. He was a pitcher on the varsity baseball team in 1978-1979. He also received a master's degree in business administration from Harvard Business School in 1984, where he graduated as a George F. Baker Scholar.

Henderson started his career at General Motors in 1984 as a senior analyst in the Treasurer's Office in New York. After holding a variety of financial assignments, he was transferred to GMAC in 1989 as director of mortgage banking. He was promoted to several positions of increasing responsibility until becoming GMAC group vice president of finance in Detroit in 1992.

In 1994, he was appointed executive in charge of operations for the former Automotive Components Group in Pontiac, Michigan, and then became a GM vice president and general manager of Delphi Saginaw in May 1996.

From 1997 to 2000, Henderson was GM vice president and managing director of GM do Brasil with responsibilities for GM operations in Brazil, Argentina, Paraguay, and Uruguay. In June 2000, Henderson was named group vice president and president of GM Latin America, Africa and Middle East (LAAM) headquartered in Florida, and in January 2002, he moved to Singapore as president of GM Asia Pacific. In 2004, Henderson assumed responsibility for GM's European operations as GM group vice president and chairman of GM Europe, based in Zurich, Switzerland.

Prior to graduate school, Henderson was a certified public accountant, working for PriceWaterhouse in Detroit, Michigan. He received the William A. Paton Award for achieving the highest score in Michigan on the May 1980 CPA examination; he also received the Elijah Watt Sells Award for attaining one of the top 100 scores in the U.S.

Henderson serves as a member of the Board of Trustees of the Alfred P. Sloan Foundation.

UPDATE: Politico's reporting President Obama asked Wagoner to step down. This is getting more and more interesting, ain't it?

UPDATE #2: We're now hearing from a source at GM that Fritz Henderson will be taking over as CEO of the nation's biggest automaker. Frankly, Fritz ain't the worst choice to take over from Wagoner. To be honest, however, it's not like there's a whole lot of other choices out there.

UPDATE #3: Here's more from Bill Vlasic at the NYT:

"Mr. Wagoner was asked, and agreed to, step down as part of G.M.'s restructuring agreement with the Obama administration, according to an administration official who spoke on condition of anonymity because a formal announcement has not been made yet.

The unexpected move by Mr. Wagoner, who has been at the helm of G.M. for eight years, was not confirmed by the company. A statement about Mr. Wagoner's future will be issued after the president's comments, which is expected to be Monday morning."

UPDATE #4: The Freep has a pleasant little photo gallery of GM executives through the years. It's almost poignant. Almost.

UPDATE #5: Fritz Henderson will be appointed interim CEO after tomorrow's double-bump of press conferences.

[via NYT]

Photo Credit: MANDEL NGAN / AFP

One may be concerned General Motors isn't taking the White House bailout seriously, but they've learned the hard way appearances do matter. Here's a radical suggestion: no more "Casual Fridays" until you turn things around. The Carpocalypse demands your obedience and neckties.

Also see Gawker's take on GM dress wear!

Bob Lutz Career Chronology:

1963 - 1971: GM
The CEO at GM for the first four years was Frederic G. Donner and James M. Roche for the latter half of Bob's time at GM Europe in the 60s and 70s. Ah, those were the days. You know, when GM was totally getting sued for making cars "unsafe at any speed."

1971 - 1974: BMW
While at BMW, the CEO was Eberhard von Kuenheim, who helmed the company from 1970 to 1993. During those 23 years, BMW went from 23,000 employees to 71,000 and annual revenue rose from €15 billion from €880 million. Maybe the best CEO Lutz has actually worked for, but this was in the 70s and he probably doesn't remember that far back.

1974 - 1986: Ford
Bob got to work with all sorts of fun folks like Lee Iacocca and Henry Ford II during some of the most tumultuous years of the automotive industry. Well, until this year. Also helming Ford were non-luminaries such as Phil Caldwell and Don Peterson. Remember them? Yeah, we don't either.

1986 - 1998: Chrysler
Heads to Chrysler to work with his buddy Lee again, then Bob Eaton. Gets to design the Dodge Viper (yay!) and the PT Cruiser (boo!)

1998 - 2002: Exide
Bob actually IS the CEO here, so presumably he believes Rick's better than he is. We've no doubt of this.

2002 - present: GM
Bob workin' it with "Slick" Rick Wagoner where the two get along like peaches n' cream.

[CNBC]

Sen. Chris Dodd (D-Apparently Knows How To Make Cars Better Than Anyone) told Tom Brokaw on NBC's "Meet The Press" yesterday GM CEO Rick Wagoner "has to move on" and GM has "to consider new leadership" as part of a government-run restructuring. Given GM's lost billions of dollars and double digit market share over Wagoner's reign of terror at the General — why's that such a bad idea?

While we've been a vocal critic of GM's glacial restructuring effort, we've got to say the automaker probably should stick with the girl they brought with 'em to the ball — no matter how ugly. Mostly because we can't name anyone better who'd understand the product and the bureaucracy of the General. Yes, the very bureaucracy Wagoner never changed that made the automaker move so slowly to make the necessary changes in product to turn the ship around. But to bring in someone completely new to figure out that bureaucracy takes time GM just doesn't have without tens of billions more in public monies. While Ford CEO Alan Mulally seems like he's been able to do it at the big blue oval, it's taken him two years to get there. We're not even sure the General's got more than two months left in 'em.

What this automaker needs isn't a change in leadership so much as it needs an external force moving the current leadership to change quickly. "Slick" Rick Wagoner and Fritz "Big Money Grip" Henderson need to be pushed and pushed hard.

We all saw in Chrysler's ownership by Cerberus what happens when an outside entity with no knowledge of the complexities of the auto industry completely takes over an automaker. Frankly, we'd rather not see that happen with the other two not-so-Big Three. Instead, a system merging product and industry know-how with some kind of public oversight could come up with an understanding of the product necessary to make that change happen and how to make that product a reality.

Whether Nissan-Renault CEO Carlos Ghosn or Kirk Kerkorian's aborted attempt at making a quick buck, we've seen GM move quickly when some kind of external disruptor's been there to force change with the current leadership mix. If structured with the right level of power, that new external disruptor could be the third-party oversight board being recommended to oversee the public's investment in GM. Whatever the structural addition, there needs to be something forcing the leadership team at GM to move faster. And if then they're not moving fast enough, let that third-party board make the necessary changes, including lopping off Wagoner's head if need be.

Congress shouldn't fire Rick Wagoner as some kind of knee-jerk reaction designed to prove to their constituents the bridge loans for the not-so-Big Three aren't some kind of AIG-like boondoggle. But don't allow him to resume business as usual post bridge loan — hold Wagoner's feet to the fire until the General succeeds (if it's able to).

So we hate to say it but... Rick, would you like this dance? Just don this paper bag first, would you?

Here's what the AP's reporting this morning on details from over the weekend:

"The plan would draw the emergency aid from an existing loan program meant to help the automakers build fuel-efficient vehicles. The size of the package hasn't been finalized, but it is expected to be about $15 billion, several congressional aides said.

It would create a board composed of Cabinet secretaries from the departments of Treasury, Energy, Labor, Commerce and Transportation plus the Environmental Protection Agency administrator to oversee a broad auto industry restructuring. A congressional aide outlined the emerging measure on condition of anonymity because it is not yet completed."

All we know is Bob "The Builder" Nardelli's been praying since Friday night. We guess we may find out today if his prayers were answered.[via AP]

Photo Credit: Chip Somodevilla / Getty Images News

We appreciate the exuberance of the good people over at GM-Volt regarding the 2011 Chevy Volt. In the midst of the Carpocalypse it's nice to see someone excited about GM product that doesn't begin with a "C" and end in either a "V" or a "ZR1." Still, we can't help but enjoy the humor in the statement posted with this picture:

That’s GM’s CEO Rick Wagoner driving the Volt experimental prototype mule car of the right making sure to stay one step a head of the Prius!

Well, at least it's one way that GM can stay ahead of Toyota in the alternative-energy game.

[GM-Volt[

[via Donny Miller]

...stop friggin' nodding! I know you're excited RIck said something smart, but fercrissakes some of us are trying to listen to what he actually had to say and it's really distracting. . Thank you and carry on.

Ford: Escape Hybrid SUV

Ford CEO Alan Mulally started this trend by first claiming that he'd drive to D.C and, not surprisingly, showed up in a 2009 Ford Escape Hybrid. It shows to Congress and the world how Ford, which is in a better financial position than the other two, is making fuel efficient cars people want to buy and already has good hybrid technology. Ford also showed up with a 2009 Ford Flex to, we assume, move staff around.

Chrysler: Aspen Hybrid SUV

Chrysler's Bob Nardelli also drove to Washington, D.C. in a hybrid SUV: the 2009 Chrysler Aspen Hybrid. How does the Aspen Hybrid stack up against the Escape Hybrid? It gets worse gas mileage, it uses mediocre hybrid technology developed in conjunction with GM and is built into a car that's proven to be wildly unpopular.

But don't worry, they've already cancelled it — just four months after starting production. This not only demonstrates the company is unable to build attractive, efficient vehicles. It's another reminder parent company Cerberus is just waiting for Chrysler to get sold off to someone else.

He showed up to the hearing in a JEEP EV, a futuristic electric vehicle that will be a great halo vehicle for whichever company ends up owning Jeep.

General Motors: Chevrolet Volt Mule/Malibu Hybrid

General Motors' man at the helm Rick Wagoner drove to Washington, D.C. in a 2009 Chevy Malibu Hybrid but drove to the Senate hearing in a 2011 Chevy Volt test mule. There was also a Chevy Suburban and Cadillac CTS in the area, perhaps to shuttle executives around when not in front of the camera.

The fact that GM brought two different hybrid vehicles down shows the company is willing to work hard for the money, so hard for the money. The Volt prototype clearly demonstrates they're on the path to creating a mass production hybrid vehicle. The Malibu just shows they're not dumb enough to drive around Washington, D.C. in something unreliable.

The Entourage

Special thanks to STR8SIX for getting these live shots togther. His report below.

I made a short trip into downtown DC this afternoon. I was only able to spend about a half an hour snooping around the senate buildings. I found the Ford Flex and Escape hybrid from the Ford convoy. I also found an Aspen hybrid. Each of the vehicles had a driver sitting in it with the engine running. Unfortunately, I was unable to locate the Chevy Volt mule. One of the security officers said that GM was giving test drives in the Volt and did not know if it would reappear this afternoon. A dark red Cadillac CTS with the engine running was parked in front of the Ford vehicles. That may have been Wagoner's ride back to the hotel.

[Additional Photos From Win McNamee/Getty Images, Ford, Chrysler GM]

Photo Credit: Chip Somodevilla / Getty Images News

We kind of hope the Chrysler Aspen hybrid carrying Bob "The Builder" Nardelli made it. Ford CEO Alan Mulally may have accidentally gone to the Senate Armed Services Committee, so someone should check up on him.

But, according to Wagoner, there's one overwhelming reason why America needs to save their automakers:

"It's very important for the U.S. to have a home team in the global auto industry..."

Photo Credit: Win McNamee / Getty Images News

This flies directly in the face of GM CEO Rick Wagoner's past comments that a bankruptcy would mean liquidation because customers would refuse to buy cars from a company that might not be able to back warranties or supply parts. Our sources, whether from inside the General or from the outside, have given us similar arguments in the past.

That hasn't stopped staff for three members of Congress, who've asked restructuring experts if a pre-arranged bankruptcy — negotiated with workers, creditors and lenders — could be used to reorganize the industry without liquidation.

But it's not just the congressional committees at work here. According to another source, a representative of Obama’s team contacted at least one bankruptcy-law firm to say Daniel Tarullo, a professor at Georgetown University’s law school who heads Obama’s economic policy working group, would call to discuss the workings of a so-called prepack, according to this person.

But don't expect anything on this to come out of this week's hearings as we're also told

"Negotiations are splintered among small groups, making it unlikely a proposed solution such as bankruptcy would emerge until next week at the earliest..."

We'll obviously continue to be all over this story like a fat kid on cake. Stay tuned throughout the day to our "Carpocalypse Now" tag today as we bring you the latest news from D.C.

[Bloomberg]

There's General Motors CEO Rick Wagoner, stepping from a Chevrolet Malibu hybrid last night at his hotel in Washington to the flashing bulbs of the paparazzi after driving from Detroit to testify at Congressional hearings for an auto industry not-a-bailout. If the not-so-Big Three automakers have learned anything since their last trip to Washington, it's the old way of doing business just won't fly. So the decision by auto executives to travel in hybrid cars rather than corporate jets is just the start to overhauling their image as the industry pleads its case for more than $25 billion in federal loans.

The next step? Heading over to a 9:30 AM rally at the corner of Delaware Ave. and C street just outside the Russell Senate Building and the 10:00 AM Senate hearing. To get there from his hotel? He'll be driving a Volt mule. Seriously.

[via Breitbart, GM-Volt]

[Photo Credit: AP Photo/Gerald Herbert]