Chairman and CEO of General Motors Corp., Rick Wagoner has resigned as head of the Detroit automaker.

In a statement, Wagoner said he stepped aside at the request of the Obama Administration.

Replacing him as CEO is Fritz Henderson, GM’s president and chief operating officer. Kent Kresa was named interim non-executive chairman of the board of directors. Kresa is chairman emeritus of Northrop Grumman Corp., and a GM director since 2003.

Wagoner’s departure comes at a time when the company and the U.S. auto industry is reeling under pressure from foreign automakers and effects of the worst global recession in 70 years.

GM has received $13.4 billion in government loans and is asking for another $16.6 billion to help sustain it during the worst downturn in auto sales in 27 years.

GM and Chrysler LLC, which also has received federal aid but might not survive, must show the government the extent of the restructuring they have enacted to become profitable.