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 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.