3
Ousted GM Boss Gets $20M Retirement Payout
By Kevin Spak
|
Posted Mar 30, 09 12:33 PM CDT
|
Share
(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.”