U.S. Sen. Dodd says GM CEO should move on

WASHINGTON (Reuters) - U.S. Senate Banking Committee chairman Christopher Dodd said on Sunday General Motors Corp chief executive Rick Wagoner should resign to allow new leadership to restructure the faltering company.

"I think he has to move on," Dodd, a Connecticut Democrat who is leading efforts to craft legislation to bailout U.S. automakers, said on CBS's "Face the Nation."

U.S. lawmakers are close to a deal to provide $15 billion in emergency loans to help General Motors and Chrysler LLC avoid bankruptcy. Ford Motor Co, thought to be in best shape of any of the Big Three U.S. auto makers, is also seeking a line of credit from the U.S. government.

Dodd said the legislation would buy the U.S. auto industry time to work through structural and financial problems. He said industry restructuring should be done under new leadership. Asked about Wagoner, Dodd said he should step aside.

Wagoner joined GM in 1977 and became president and chief executive in 2000. He now serves as chairman and CEO.

"If you are really going to restructure this, you've got to bring in a new team to do this," Dodd said, adding that such a condition should be part of a government bailout package.

(Editing by Alan Elsner)