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Former GM CEO Rick Wagoner Recieves Gutted Retirement Package

Posted in auto industry, GM, Newsworthy, People, Politics by Suzanne Denbow | July 15th, 2009 | Leave a Reply |


Forced to resign from his position by the Obama Administration back in March, former General Motors CEO Rick Wagoner is still feeling the sting of the swift backhand. Originally entitled to a $23 million dollar retirement plan, paid out over 5 years, when Wagoner officially retires August 1st he will receive instead a paltry $8.6 million.

After 32 years of service and building what was once the largest, most powerful auto manufacturer in the world, Wagoner will draw $74,030 under the salaried retirement program, in addition to five installments of about $1.64 million under the executive retirement plan. Prior to The General’s surrender to bankruptcy, Wagoner’s executive benefits would have been administered in five, $4.5 million dollar increments while salaried benefits would have totaled $68,900.

See kids? This is what happens when you bitch out to Uncle Sam.

Source: AutoNews
Photo Cred: Getty Images

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