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AutoBlog: REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most

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Filed under: Trends, Government/Legal, GM, Earnings/Financials

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With General Motors in bankruptcy, it was only a matter of time before pensions came under scrutiny. The Detroit News is reporting that GM CEO Fritz Henderson has confirmed that executive pensions beyond $100,000 per year will be cut by two-thirds. Recently defenestrated boss Rick Wagoner will likely take the biggest hit of all - he was supposed to receive $22 million over five years as part of his retirement package, but that number will reportedly drop by up to $15 million.

The move by GM mirrors closely that of Chrysler, which also took an axe to its executive retirement pay structure. Ex-CEO and one-time company savior Lee Iacocca lost his company car and may lose some or all of his monthly stipend, and he is now representing 1,200 ex-Pentastar employees protesting the move. Chrysler retirees have been lumped together with the Pentastar's other creditors, and it will be up to a judge to determine what amount they will receive in the months and years ahead.

[source: Detroit News | Image: Bill Pugliano/Getty]

REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most originally appeared on Autoblog on Tue, 16 Jun 2009 13:00:00 EST. Please see our terms for use of feeds.

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Cut Wagoner to $10k/year..the old fart probably has plenty stashed away to live on.

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What about all the people before that left the mess for Wagoner?

All the living people who created this mess should pay a price. They are the true people who deserve it.

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:nono: This is NOT the way Iacocca should be treated as he did everything and should still have his retirement.

:scratchchin: In regards to GM and wagoneer, I doubt this will really hurt him as he made way more in stock which he sold over time and reinvested so he will be fine. The past CEO's that left GM in this mess should loose it all.

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:nono: This is NOT the way Iacocca should be treated as he did everything and should still have his retirement.

:scratchchin: In regards to GM and wagoneer, I doubt this will really hurt him as he made way more in stock which he sold over time and reinvested so he will be fine. The past CEO's that left GM in this mess should loose it all.

Did he? Typically CEO's don't sell the stock of their own company. He may not have sold until the stock was pretty much worthless.

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John Smith is the only CEO in the past 25 years that really did anything good. He put in place the launchpad for wags to make it successful.

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