Rick Wagoner’s Pension Package: Former GM CEO

Rick Wagoner, the former CEO of General Motors (GM) has now received a pension package worth $8.6m (£5.2m); this was part of his deal after being fired by the Obama administration back in March. This deal took a while to negotiate; we wonder if Wagoner will be happy with the amount?

The Guardian reports that Wagoner will receive $1.64m annually for the first five years of his retirement, then he will then receive $74,030 yearly. Some may say that this is a small entitlement as Wagnor has been with the company for 32 years.

Pension deals usually come with a range frills from large companies, but this case is a little different, he will not even get a free car from General Motors. Fritz Henderson has now replaced Rick Wagoner, he has already started to make some deep cuts within the company. These cuts are needed if GM has any hope of working their way out of bankruptcy.