Rick Wagoner will resign as CEO of GM under pressure from the Obama administration as GM seeks a second bailout. Wagoner is stepping down as GM struggles with plummeting sales due to the recession. The White House wants new leadership at GM in exchange for more government loans. Obama says GM and Chrysler still have more restructuring to do to receive further aid and emerge as competitive companies. Wagoner met with a White House task force on Friday as the government prepares to announce its decision on more loans for GM and Chrysler on Monday.