Departure of General Motors ' CEO part of government 's bailout strategy , sources say . Wagoner , a 32-year company veteran , has been CEO of General Motors since 2000 . GM executives : White House signaled that ` ` new leadership '' was key to more aid . Officials : expected to get 60 days of notice ; Chrysler to get $ 1 billion . However , Chrysler were told to prove themselves to Treasury Department by Tuesday .
Departure of General Motors ' CEO part of government 's bailout strategy , sources say . GM executives : White House signaled that ` ` new leadership '' was key to more aid . Officials : expected to get 60 days of notice ; Chrysler to get $ 1 billion . However , Chrysler were told to prove themselves to Treasury Department by Tuesday .