I8ABMR

When Rick Wagoner was forced out of his position as the CEO of General Motors last March, he left with a severance plan that included $22 million paid out over the course of a few years, plus a yearly pension. Just a few months later, The Los Angeles Times is reporting that Mr. Wagoner has worked out a deal with his ex-employer that will "only" pay out $8.2 million, plus $74,030 per year for life, along with health and life insurance plans. Wagoner's retirement becomes official on August 1, at which time he can begin reaping the benefits of his golden parachute.

Wagoner's severance, while greatly reduced, is still worth more money than most Americans will earn in their lifetime, and it will doubtlessly prompt some to once again question big payouts to ex-executives at federally bailed out companies. We wonder if now is a bad time to hit up Wagoner for a low interest loan to help us get into a new Camaro...

IS350jet

Repost

https://www.clublexus.com/forums/car-chat/440704-wagoners-retirement-package-cut-by-14-million.html

I8ABMR

this was posted on autoblog 1-2 days ago as new news. Sorry but we all dont know this info obviously.


I think repost sensitivity is funny. I am just trying to keep the forum alive and fresh.

mmarshall

If you want a new Camaro, let them get the teething problems out first (we've already got a thread going on that). Hopefully, the absurd supply/demand situation will improve in the future, too (I hear from the Chevy people that virtually the entire 2010 model-run is sold-out from back-orders).

IS-SV

Good luck with that.

I8ABMR

Th stuff written on the first post was taken from autoblog. I would never ever ever ever buy American. Especially not a first generation POS model with a thousand problems.



I hate American cars

rdgdawg

Dawg days of summer... +1

wmb0000

To be the CEO of any big company is everyone's dream. No matter how you run the company, even to the ground and got fire, you will still end up with millions in severence package or retirement.

IS-SV

You're awake obviously.

mmarshall

Despite the Camaro's problems (which may be coming from owner abuse), not all new American-designed vehicles have teething problems. The Chevy Malibu, for instance, had a good first year, and the Ford Fusion/Mercury Milan/Lincoln Zephyr/MKZ triplets have done very well since the first day they were released. Even the Camaro's rival Mustang, another car that is often abused with burnouts, did reasonably well, reliability-wise, the first year......but that may be partly because of the Mustang's unsophisticated but durable live rear axle, which the Camaro lacks.

mmarshall

While, of course, 22 million is not chump change, the $74,000 lifetime pension is not that much for a big-company CEO. That's about what the average higher-grade Federal Employee (say, a GS-14/15 manager) retires with.