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GM CEO Secures $4.6 Million Pension Despite LayOff

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As General Motors slashes jobs, closes plants and battles to avoid bankruptcy, the company’s CEO has set up a retirement plan that will pay him at least $4.6 million a year – nearly twice his current salary.

G. Richard Wagoner, who the New York Post calls "the greediest, most undeserving CEO since Chainsaw Al Dunlap,” was named GM’s chief financial officer in 1992, when the company had a global payroll of 750,000 employees.

Under Wagoner’s command as CFO and, since 2000, CEO, the carmaker has seen its employees dwindle to 324,000.

Now the company has announced plans to cut 30,000 more jobs and close 12 North American plants, and Wagoner is denying rampant rumors that GM is preparing for file for bankruptcy protection.

Full Story: http://www.newsmax.com/archives/ic/2005/11/28/102638.shtml
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The news stories that slip by us all as we are too busy reading about what the "bigger boys" are saying. Wagoner has secured his own pension of $4.6 Million A YEAR amidst these challenging times for G.M. Man, give Lutz the reigns now, and not later when it's too late.
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UNBELIEVABLE! Maybe this is a hint that Wagoner may be leaving soon? He seems awfully interested in securing his retirement while the company is slipping! He should be worried about securing some RWD platforms, new engines, and fresh designs, instead of worrying about his pension. This guy needs to go before it's too late.
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Man... this guy peaves me right off..... he's not worth the sweat off my b4!!$, let alone $4.6 million, and per year at that..... WTF?... what a joke. I can't believe they would ruin people's lives based on bad discisions in the past, by letting them go, and than pocketing all that money... I have no respect what so ever for you Mr. Wagoner. Edited by tosil
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WHAT!!! WHERE IS THE "YOU SUCK CLAUSE"?
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4.6 million per year ? how will he ever survive on that ? Sure makes that million he put down on stock seem like buying a lottery ticket........no ?

4.6 million is nothing compared to the billions lost on the Fiat deal..........glad to see hes being well compensated for giving it "his best".

reduced employment opertunities by over 50%, Well I guess thats a real great contribution to socioty, surely worthy of a annual pension far exceeding the average Americans lifetime gross ?

Well I suppose he has a few huge estates to manage, I hope he can get by

It amazes me whats legal and whats illegal in this country

Behold the head of a traitor !
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I've lost all respect for Wagoner. Do you have any idea what sort of impact this will have on purchases? All the people that will now refuse to buy GM on principle!? What about the union? They're going to be pretty damn pissed. First Delphi cuts the wages of its workers substantially. Then they give bonuses to their execs. Union backlash was sure to come, but GM - and you, Mr. Wagoner - stepped in to smooth things over. GM itself lays off 30,000 people; men and women with mouths to feed. And then YOU secure yourself a $4.6M/year pension!? How does this look to the 30,000 people who lost their jobs? How does it look to the Delphi workers who are taking pay cuts and are already pissed at the execs, hoping that maybe, just maybe you would be able to intervene without making an ass of yourself. I hope this is some kind of sick joke, because now the UAW won't want to concede as far as you were hoping. Now you will STILL have those legacy costs that have been hammering at GM for the past 20+ years. Now there's an even GREATER threat of a crippling strike! Oh, but wait... This doesn't affect you, does it? Once you're retired, you don't give a DAMN what happens to GM? As long as they can afford your pension...
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His company is about to tank and the idiot decides to pay himself almost 5 mil a year when he won't even be working, excuse me, running the company into the ground? Wow... Where GM's board of trustees on THAT one? edit cleaned up post Edited by Josh
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Does anyone else think the UAW is the wrong group to f**k with? If he goes through with this I bet he doesn't live a year past retirement.
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Wagoner has to go, he's never been a car guy anyway. Lutz should be named. I'm sure the day right after, we would see a real GM emerge.
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Wagoner has to go, he's never been a car guy anyway. Lutz should be named. I'm sure the day right after, we would see a real GM emerge.

[post="50030"]<{POST_SNAPBACK}>[/post]

Rick NEVER pretended to be a car guy. He knew that he needed the right people so he brought in a bunch of people from other companies, Lutz included. I don't think Maximum Bob wants the reigns to the company. He is in his late 70s and has got a job which I am sure he loves. He gets to help shape the cars of the future without worrying about the board breathing down his back or worrying about the plants or other things. He just helps shape the cars, sounds like the perfect job if you ask me.

Edit: That said I just lost a lot of respect for Mr. Wagoner. :angry: Edited by 91z4me
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From a page at www.GeneralWatch.com Corruption vs. Ineptitude in GM "Corruption" “the act of … impairing integrity, virtue, or moral principle;” “dishonest proceedings” “illegal activities that reduce efficiency” “violation of duty…an act of self interest harmful to the organization Examples of corruption and ineptitude were shown at the Shareholder's luncheon presentation following the annual stockholder's meeting on June 2, 2004 “Ineptitude” “inappropriate” “absurd or foolish” “incompetent” “inefficient” “unskillfulness resulting from a lack of training” View presentation Market Share on Market Street III Preview of subjects to be analyzed at Market Share on Market Street III - Corruption vs. Ineptitude Corporate Governance: Board of Directors Auditors Management Marketing: GM Card Overnight Test Drive Road to Redemption Lease Pull Ahead Accelerated Model Years Incremental Price Increases Distress Merchandising from Advertising to Rebates-why they're bad and Rebates-how to get rid of them. "Everybody makes mistakes but your management makes so many of them. The proof of their incompetence is the number of mistakes. There is absolutely no reason to think that this will change. The same people who made the mistakes are still in charge. -- Jerry Flint, 2000 HOME | THE PAST | THE PRESENT | THE FUTURE | NEWS WATCH | SHAREHOLDER NEWS | WATCH BLOG | BUICKMAN Page Hits: 101,159
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Wagoner is being retarded as hell here. How can you possible expect a large group of people to make concessions when you aren't making any yourself. Hell, your giving yourself a huge raise! It seems that poor leadership still runs rampant at GM
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WHAT!!!  WHERE IS THE "YOU SUCK CLAUSE"?

[post="50023"]<{POST_SNAPBACK}>[/post]



That one gets "quote of the year".
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Absolutly unreal. I'm speechless. The best thing he could do right now is to turn around and put that money right back into the business when he get's it. Lutz for President!....er... CEO!!!
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Not that I'm defending Rick Wagoner's actions here, but... there are plenty of precedents for this kind of thing. Yes, it's wrong, but not unheard of.

He should get $100k a year to live on and a brand new Avalon every two years for life.
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This from a site with stories like "John McCain: Torture Worked on Me", and quoting the Post? After-tax dollars from a source protected from a GM bankruptcy? What kind of two-bit hack wrote this?
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Not to get too political; but Newsmax has a political bend to it. It mixes fact and fiction at will. I'd hardly consider it a credible source. However, I'm not debunking the story -- I'm just saying that Newmax shouldn't be your most trusted news source. Now, if we specualte that Wagoneer is getting in on a $4.6m/year pension, all the while GM is in well-speculated struggles, could one look into such an event that Wagonner is only interested in his pension because he could soon be using it?
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Not that I'm defending Rick Wagoner's actions here, but... there are plenty of precedents for this kind of thing.  Yes, it's wrong, but not unheard of.

He should get $100k a year to live on and a brand new Avalon every two years for life.

[post="50110"]<{POST_SNAPBACK}>[/post]


or a nice Kia Amanti with a minidisc player in dash
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Where is the GM board? They should be showing Wagoner the door for this action. But, GM has one of the weakest boards in corporate America so they will do nothing but sit and hide. This is another example of bad decision making from Wagoner!
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It would be the board that decides Wagoner's compensation. Unless you're a majorty shareholder you don't get to give yourself a payrise.
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