Ousted GM Boss Gets $20M Retirement Payout

By Kevin Spak,  Newser Staff
Posted Mar 30, 2009 12:33 PM CDT
In this Tuesday, Nov. 18, 2008 picture, GM CEO Rick Wagoner, Chrysler CEO Robert Nardelli and Ford CEO Alan Mulally, testify on Capitol Hill.   (AP Photo/Manuel Balce Ceneta)
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(Newser) – If Rick Wagoner is upset about being forced out of his job as GM’s CEO, his $20 million retirement package should provide some consolation, ABC News reports. Though Treasury rules prevent Wagoner from collecting severance pay, the ousted exec is still eligible for an “Executive Retirement Plan” and a “Salaried Retirement Plan,” which totaled $20.2 million as of last year.

A GM spokesman says most of the money will be paid out over the next 5 years, with the rest as “a small lifetime annuity.” During Wagoner’s tenure, GM has lost billions of dollars and eliminated 47,000 jobs. “It’s another perfect example of why there’s so much frustration among working people,” said one Detroit-based labor advocate. “I wouldn’t mind retiring out of an industry in crisis with a $20 million package.”