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The former chief, Angelo R. Mozilo, is the highest-profile person to face charges in the wake of the financial crisis.

CEO Fritz Henderson calls the move 'a defining moment' in the company's reinvention. In trading, shares of GM dropped 28%. Meanwhile, Chrysler takes another step toward emerging from bankruptcy.

Robert Nardelli, Chrysler's departing chairman and chief executive, said he expects the sale of the bulk of Chrysler's assets to a group headed by Italy's Fiat Group SpA to close Friday, assuming the judge overseeing the automaker's bankruptcy protection case approves the deal.

Climate-change heavyweights U.N. chief Ban Ki-moon and Nobel prize winner Al Gore urged more than 500 business leaders on Sunday to lend their corporate muscle to reaching a global deal on reducing greenhouse gases. The CEOs of PepsiCo, Nestle, BP and other major world businesses began meeting in Copenhagen, where politicians will gather in December to negotiate a new U.N.-brokered climate treaty.

Shortly before taking over as head of AOL in April, Tim Armstrong ripped out some office doors.

Chicago financier James Tyree is assembling a group of investors to bid on Sun-Times Media Group Inc.

Mr. Tyree, CEO of Mesirow Financial Inc., told Crain's he has reviewed Sun-Times' books and discussed a possible bid with CEO Jeremy Halbreich and other company executives.

Under bankruptcy plan government is preparing, Fiat management would take control, sources say.

Shareholders stripped Kenneth D. Lewis of his chairman’s title in a vote that may mark the beginning of the end of his leadership at the embattled bank.

Can Kenneth D. Lewis hold on at Bank of America? The answer to that question, much anticipated on Wall Street, is expected to arrive Wednesday, when Bank of America shareholders are to vote on whether Mr. Lewis, the bank's the embattled chairman and chief executive, will remain on the board.

MySpace parent company News Corp. continues to leak, off record, that Owen Van Natta is in the final stages of becoming the new CEO of MySpace (one of the more obvious candidates on our list yesterday).