Former GM chief Wagoner to get $8.6 mn retirement benefits | autos | Hindustan Times
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Former GM chief Wagoner to get $8.6 mn retirement benefits

autos Updated: Jul 15, 2009 21:11 IST

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Former chief executive and chairman of General Motors, Richard Wagoner, who was shown the door by the Obama administration, will take home USD 8.6 million as benefits in the first five years after his retirement next month.

The former chief would be receiving retirement benefits worth $8.6 million, the company said in a filing to the US Securities and Exchange Commission on Tuesday. His retirement would be effective August 1, 2009.

He would be getting USD 1.64 million under Executive Retirement Plan (ERP) for five years and USD 74,030 for his lifetime as part of the Salaried Retirement Programme (SRP).

"Wagoner will be entitled to retirement benefits under the SRP based on 32 years of service as of August 1, 2009, in the annual amount of USD 74,030 for his lifetime, and benefits under the ERP in the annual amount of USD 1,636,105 for five years," the filing said.

General Motors steered itself out of bankruptcy on July 10. Following the restructuring, the new entity is known as General Motors Company, while the old auto maker is called Motors Liquidation Company.

According to the filing by Motor Liquidation Company, the firm and Wagoner entered into retirement agreement on July 8.

Wagoner would continue to get insurance coverage in retirement until January 1, 2010, and an existing life insurance policy estimated to be worth USD 2.6 million.