UPDATE from The Politico:

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.

Just got two emails:

MSNBC BREAKING NEWS: GM CEO Rick Wagoner will step down from the company, CNBC has learned

New York Times Breaking News Alert: Rick Wagoner, G.M. Chief, Is Said to Be Resigning

General Motors’s chairman and chief executive, Rick Wagoner, is resigning, just as President Obama prepares to unveil his rescue plans on Monday for G.M. and the ailing American auto industry, according to a person close to the decision.