Monday

Site News | GM CEO Could get millions of dollars

Another CEO getting fired oh poor guy, what will he do. Wait, he's getting millions of dollars in compensation, this is just ridiculous. I know the auto industry has been in trouble for quite sometime and obviously Wagoner had something to do with it, as an ethical thing to do, he should give back to the people of GM for what they have suffered, potential layoffs, layoffs, paycuts, but I'm almost positive he will not do the right thing. It looks lke this financial crisis is also bringing the worst out of people especially the ones who have too much, now people can see how greedy they can get.

CNN)
-- General Motors' outgoing chief executive Rick Wagoner is eligible to receive more than $20 million in his retirement package, according to a filing with the Securities and Exchange Commission.
Rick Wagoner, who became CEO of General Motors in 2000, announced his resignation Monday.

Rick Wagoner, who became CEO of General Motors in 2000, announced his resignation Monday.

Wagoner announced Monday he was resigning at the request of the Obama administration, which has prodded GM to restructure as the company receives government financing to stay afloat.

Although Wagoner is not eligible for any severance pay upon leaving GM, he is eligible for hefty retirement benefits.

"He has worked for GM for nearly 32 years, and he would be entitled to certain vested awards, deferred compensation, and pension and other post-retirement benefits," GM said in a statement.

Upon Wagoner's departure he will be eligible for both a salaried retirement plan and an executive retirement plan, which at the end of last year totaled approximately $20.2 million, GM spokeswoman Julie Gibson said.

Most of it would be paid out as an annuity over five years, with the remainder as a small lifetime annuity, Gibson said.

By Jennifer Rizzo
CNN Source http://www.cnn.com/2009/US/03/30/gm.ceo.compensation/index.html

Another CEO getting fired oh poor guy, what will he do. Wait, he's getting millions of dollars in compensation, this is just ridiculous. I know the auto industry has been in trouble for quite sometime and obviously Wagoner had something to do with it, as an ethical thing to do, he should give back to the people of GM for what they have suffered, potential layoffs, layoffs, paycuts, but I'm almost positive he will not do the right thing.

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