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Wagoner: Don’t Cry for Me, General Motors

Rick Wagoner may be leaving his position as CEO of General Motors but he’s not going away empty handed. Though he cannot receive a severance package under

Kaleem Kirkpatrick
News
Last updated: Jul 31, 2020 | Mar 31, 2009

Rick Wagoner may be leaving his position as CEO of General Motors but he’s not going away empty handed. Though he cannot receive a severance package under the terms of the auto industry bailout, he is due to receive some $20 million in retirement benefits after 32 years with with the company.

And this is on top of the $63 million in compensation he received between 1992 and today. The only caveat? Bankruptcy.

From ABC News:

If GM is forced into bankruptcy, Wagoner could get much less, according to Dave Schmidt, an executive compensation analyst with James F. Reda and Associates. Less than $1 million of Wagoner’s total $20.2 million pension package appears to be guaranteed if GM goes bankrupt, Schmidt said.

I imagine he’ll manage to scrape by.

Ed Brayton is a reporter for TWI’s sister site, The Michigan Messenger.

Kaleem Kirkpatrick | Kaleem weaves song and story together with experience from his 12 year career in business and sales to deliver a mesmerizing tale of wealth and anger – the ups and downs of disruption – using his expertise in music and entertainment. His background in philosophy and psychology allows him to simplify the science of why we construct trends, where they come from, and how to alter them to improve outcomes.

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