GM CEO Rick Wagoner to Resign 3/30/09

There are several report flying around the General Motors CEO Rick Wagoner is set to resign immediately. Below are some of the articles:

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

AP - AP Source: GM CEO Wagoner to step down immediately

So what does this mean for General Motors ( GM ) stock on March 30, 2009? I would guess that this is a positive news development for the company. This guy failed as a CEO. When sports coaches do a horrible job, they get fired almost immediately. For some reason, this does not happen in the financial world. Take Mel Karmazin of Sirius XM Radio ( SIRI ) for example. All this guy did over the past 5 years was pump his stock and look where it is today. From $7 to almost bankrupt. Mel Karmazin is still the CEO, I don't get it!

Nevertheless, I think GM should do good on this news tomorrow!! Could new blood save GM? You can't do much worse!

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