Wagoner leaving GM with compensation worth $23M

May 18, 2009 9:41:53 AM PDT
When General Motors Chairman and CEO Rick Wagoner leaves the automaker, he'll take with him a financial package worth an estimated $23 million. [CHECK THE MARKETS: Get the latest numbers from Wall Street]
[FINANCIAL CRISES: From the Depression until today]
[JOBLESS RATE: See how Texas compares to other states]
[SURVIVAL GUIDE: Weathering the financial crisis]

The terms of General Motors Corp.'s government loans prevent it from giving executives severance pay, but they don't affect earned pensions.

As of Dec. 31, Wagoner's accumulated pension was valued at $22.1 million, but he'll receive that in payments over the rest of his life, so the actual amount he collects might be different.

According to GM's latest annual report, Wagoner also will receive about $367,000 in stock awards and about $535,000 in deferred compensation.

Wagoner announced his resignation Monday. Obama administration officials asked him to step aside as part of the government's plan to assist the struggling automaker.

      Quick headlines | 100 most recent national stories | News alerts
              Slideshow archive | ABC13 wireless | Help solve crimes


Load Comments