Ex-GM CEO Rick Wagoner Missed Out on a $39.2 Million Payoff
Automotive News [AN, sub] reports that ex-GM CEO Rick Wagoner missed out on a $39.2 million payday. We already knew about Red Ink Rick’s as-yet-unpaid $22.1 million pension fund. (The Presidential Task Force on Autos (PTFOA) won’t sign the company killer’s pension check for fear of an epic bailout backlash.) We now learn that the GM Board of Directors—an august body so deep in Wagoner’s pocket it nearly suffocated in lint—could have “awarded” Wagoner an additional $17.1 million in severance pay. Bailout regulations put paid to that bonanza. Wagoner also saw the value of his stock plummet from $93.62 a share to nearasdammit niente. Are we feeling sorry for Rick? During the GM lifer’s 17-year tenure as a senior executive, he banked some $9 million via stock options. I’ve yet to read about Rick’s total salary to date (he’s currently earning a buck a year) or the perks he will continue to enjoy into his dotage. As the Brits would say, I’m sure Rick’s not short a bob or two.
This guy sat and watched GM lose $80 billion under his reign. Someone had to fire him. I hope he gets what he deserves too.
Whatever he got, it was TOO MUCH ! They could have picked a name out of the phone book to run GM and paid them $50,000/year, and that person probably would have done just as well or better. Just anyone with some common sense would have done better, even by accident. $80 BILLION ? Unbelieveable !
Why do the expressions on so many of the R.W. photos remind one of the music video: http://www.youtube.com/watch?v=4pXfHLUlZf4&feature=PlayList&p=F61955ECEC6837D2&playnext=1&playnext_from=PL&index=16 Thinking of the list of TTAC "boner cars"? Dreaming of the new Camaro? Dreaming of all the cool cars he can buy once he leaves the Company? By the way, why only one hand on the podium??
Looks like he's jiggling his change with his other hand. Or not.