General Motors might be bankrupt but their chief wouldn’t retire poor, that’s for sure. Never mind if he would be getting $12 million less than what his retirement package should give him but that’s still $8.5 million everyone else is wishing they’d be getting when they retire.
The figure was revealed through a filing made by Motors Liquidation Co. (the company that holds the unwanted assets and liabilities left behind when GM went belly up) with the Securities and Exchange Commission.
The figures revealed that Wagoner will be getting around $1.7 million a year in the next five years after which, he will be receiving a pension of $74,000 a year for the rest of his life. Despite the figure more than halved, Wagoner agree with the move which will take effect on August 1.
On an opinionated standpoint, Wagoner should have no reason to complain about a $8.5 million payout after the demise of GM. He should even be thankful to receive something since, as a shareholder, his investments were wiped out by the bankruptcy filing.
Source: CNN
