General Motors Corp. said Tuesday that former Chairman and Chief Executive Rick Wagoner will receive an annual salary of $74,030 for his lifetime and annual benefits of $1.6 million for five years.
Mr. Wagoner's benefits are reduced in line with cuts given other retired GM executives earlier this year. His pension was worth $20 million at the end of 2008, according to regulatory filings.The Obama administration demanded Mr. Wagoner step down in March because GM wasn't making enough progress in demonstrating it would be viable. He remained on the payroll at $1 a year.
In a filing, GM said Mr. Wagoner will retire effective Aug. 1 and receive benefits based on his 32 years at the auto maker. He will continue to receive liability insurance at a level similar to other retired executives until Jan. 1, 2010. He also will receive company-paid life insurance or its cash value, currently $2.6 million.
GM filed for bankruptcy June 1 and emerged Friday, with the U.S. government owning a 60% stake.
