Exit Package for GM's Wagoner Near
July 09, 2009
Former General Motors Chairman Rick Wagoner will find out in days about his exit package,
the Wall Street Journal
reports quoting an unnamed Obama administration official.
Wagoner, who had agreed to work for $1 a year as part of the deal to obtain federal funding for GM, was forced out of his job by President Obama in late March but technically remains a GM employee.
Pay and benefit packages for executives -- including exit packages for the many executives who will leave -- will be revealed as the "new" GM emerges from Chapter 11 bankruptcy, likely on Friday. Wagoner was eligible for about $20 million in compensation accumulated over his 32-year career at GM.
Posted by Michelle Krebs at 9:40 AM under GM , Personalities , Rumors | Comments (1) | digg this | Seed Newsvine
GM's US market share went from 33.5% to 22.1% during his watch as President, North American Operations and later CEO GM global. He did bring in Bob Lutz who put the mojo back into the product. It's too bad it couldn't have been sooner.
Still, $20 million seems like a lot of compensation to receive for losing a third of market share.
Posted by: fulcrumb | July 09, 2009 at 4:30 PM