No Severance for Wagoner

By: Associated Press
By: Associated Press

When General Motors Chairman and CEO Rick Wagoner leaves the automaker, he'll take with him a financial package worth an estimated $23 million.

The terms of General Motors Corp.'s government loans prevent it from giving executives severance pay, but they don't affect earned pensions.

As of Dec. 31, Wagoner's accumulated pension was valued at $22.1 million, but he'll receive that in payments over the rest of his life, so the actual amount he collects might be different.

According to GM's latest annual report, Wagoner also will receive about $367,000 in stock awards and about $535,000 in deferred compensation.

Wagoner announced his resignation Monday. Obama administration officials asked him to step aside as part of the government's plan to assist the struggling automaker

Do You Think Rick Wagoner Should Have Been Asked To Step Down As CEO Of General Motors?

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  • by Cathy Stowitts Location: Jackson Mi on Mar 31, 2009 at 07:09 AM
    It says Wagoner will leave with no severance pay, but if you read this, hes walking away with more than the Prez earns, lets all say uhhhhhhhhhhhhhh, poor Mr Wagoner.
  • by Thomas Cullen Location: Jerome, Michgian on Mar 30, 2009 at 12:48 PM
    U hope President Obama knows how to run a auto company? I think that one of the dumbest things he done so far? Haveing Mr Wagner step down. He has been with the company for over 30 year. The next thing Obama will do is ask the UAW to dissolve. And then we would be? I worked at GM for 30 years. I had work for people that did n't know what they where doing. And that made thing even more screwed up. I know Obama only been in two months but we are in for alot more truble if he lets them go bankrupt. We better start talking and read Japaness and that no Joke. I only know english and plan on not changing that at all.
  • by Anonymous on Mar 30, 2009 at 12:13 PM
    Nothing more then BLACKMAIL from the GOVT. If they want to help the auto industry, give them a loan and allow it to be paid back in time. Dont dictate who should leave and who should stay!!!! Tim Geithner Is still employed after all his screw ups in the Treasury dept.! WE cant have Govt. Taking over private Industry!! it is one more move to DICTATORSHIP!!! Whens the next Michigan Tea party???
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