General Motors CEO Steps Down

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General Motors Chief Executive Officer Fritz Henderson stepped down Tuesday after only eight months as leader of the struggling auto giant.

"We all agreed more changes were needed," Board chairman Edward Whitacre Jr. said.

Whitacre will temporarily be filling the role of CEO until a permanent replacement is found.

Henderson took over as CEO in March after President Barack Obama asked the previous CEO, Rick Wagoner, to step down.

GM filed for bankruptcy over the summer, and with government help, Henderson worked to downsize the company by selling off many of its assets and brands.

The automotive giant recently announced its intentions to begin paying back the $6.7 million in government loans starting in January, the Baltimore Sun reported.

"We now need to accelerate our progress toward that goal, which will also mean a return to profitability and repaying the American and Canadian taxpayers as soon as possible," Whitacre said.

GM plans to start an international search for a new CEO.

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