In a huge and unexpected move, General Motors (NYSE:GM) CEO Rick Wagoner has agreed to step down from his position at the request of the Obama administration. AP reports:
 

General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry…

Wagoner’s departure indicates that more management changes may be part of the deal. Wagoner, 56, has repeatedly said he felt it was better for the company if he led it through the crisis, but he has faced sharp criticism on Capitol Hill for what many lawmakers regard as years of missteps, mistakes and arrogance by the Big Three automakers.

All indications are that the auto task force is going to demand deeper concessions and more significant reforms as a condition of a second round of government funds than the Bush administration did for the first round of funds in December.