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Rick Wagoner will leave his post as CEO of bailed-out General Motors with a $20 million retirement package, the company's financial filings show.

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

Peugeot Citroën's board ousted CEO Christian Streiff, saying that a change in leadership was needed to "unlock the group's potential."

Former AOL CEO Jon Miller is close to taking a new role overseeing digital strategy at News Corp.

Citigroup Inc named Chief Financial Officer Gary Crittenden as chairman of troubled banking unit Citi Holdings on Friday, and elevated Edward Kelly to replace him as CFO.

After several days of behind-the-scenes negotiating, Cisco (NSDQ: CSCO) said it will acquire Pure Digital Technologies and its easy-to-use Flip Video camera for $590 million in stock. The deal also calls for Jonathan Kaplan, chairman and CEO of Pure Digital, to become general manager of Cisco's consumer business group.

It is a rather curious spectacle to see congressional Republicans express outrage at the exorbitant bonuses being handed out by bailed-out companies and blame the Obama administration for failing to curb the practice with AIG.

Starbucks Corp is on track to hit its target of $500 million in cost savings this fiscal year as the world's biggest coffee chain closes stores and sheds staff, its chief executive said at the company's annual shareholder meeting.

NBC Universal CEO Jeff Zucker leapt to the defense of CNBC this morning, describing Comedy Central host Jon Stewart's evisceration of the network and Mad Money host Jim Cramer as "incredibly unfair to CNBC and the business media."

"CNBC is a spectacular organization and in particular Jim Cramer," he said.

The chief executive officer of failed insurance conglomerate AIG acknowledged Wednesday that the company's multimillion-dollar bonuses were "distasteful" to many and had provoked a firestorm of wrath.