GM Boss Wagoner to get $8.6m pension

Posted on July 15th, 2009 by News in Manufacturers, News

Former General Motors boss Rick Wagoner will officially retire in August with a pension worth $8.6m (£5.3m) over the first five years.

Mr Wagoner is standing down after he was ousted from the jobs of chairman and chief executive in March as part of the government rescue of GM.

If he had retired last year, he would have been entitled to a retirement package worth $23m. (Still $8.6m isn’t a bad reward considering his catastrophic failure as captain of the sinking ship).

Last week, GM emerged from bankruptcy protection as a smaller company.

Mr Wagoner had led GM since 2000.

Source: BBC News

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