Ex-GM boss Wagoner gets lifetime salary, benefits for 5 years

• Source: Global Times
• [09:02 July 16 2009]
• Comments

Rick Wagoner

Former General Motors Corp. Chairman and CEO Rick Wagoner will retire August 1 with an annual salary of $74,030 for his lifetime and annual benefits of $1.64 million for five years, according to company documents filed Tuesday with the US Securities and Exchange Commission.

Wagoner, 56, stepped down from GM on March 30, after 32 years with the company. He has remained on the payroll since his ouster, but he has been working for $1 per year.

Until January 1, 2010, Wagoner will continue to receive liability insurance coverage at a level similar to other retired executives, and receive a life insurance policy, which the company has maintained for his benefit since January 1, 1997, or its cash value, currently $2.6 million.

Wagoner earned $14.9 million last year at GM, but $11.9 million of that was in the form of stocks and options which are now worthless.

The company filed for bankruptcy protection June 1 and emerged Friday after some of its best assets, including the Chevrolet and Cadillac brands, were sold to General Motors Co. The US government owns a 60 percent stake in the "new" GM because of the $50 billion it invested in the auto maker.

Agencies and Shi Jierui contributed to this story