[FenwickHockey65]

Looks like it's true.

http://www.cnbc.com/id/29946309

General Motors Chairman and CEO Rick Wagoner is stepping down as head of the embattled automaker CNBC has learned Sunday.

Wagoner's resignation comes as the company awaits president Barack Obama's reports on efforts to save GM [GM 3.62 0.21 (+6.16%) ]

and Chrysler.

It is unclear if Wagoner's resignation is one of the stipulations for the federal government to lend billions more to GM. But sources close to the talks say tough conditions will be attached to any future aid.

President Obama will update the public on the Treasury Department’s next step in helping GM and Chrysler on Monday afternoon.

A sneior White House official did not deny to CNBC that the Obama administration influenced Wagoner's departure.

Asked if the administration forced him out, the senior official replied, "'forced' is a little strong."

Wagoner has served as CEO since 2000. Under his leadership, GM has steadily lost market share in North America while becoming the dominant automaker in China, where it is currently number one.

For all of Wagoner's international success, his inability to cut losses and make GM profitable in North America is ultimately the cause of his downfall. Vice Chairman and President Fritz Henderson is expected to step in upon Wagoner's departure.