Rick Wagoner Got $8.5M Retirement Pay

Rick Wagoner, the former CEO of General Motors, will receive approximately $8.5 million in retirement pay from the bankrupt automaker. The report, which was featured in Bloomberg News, says that General Motors will pay Wagoner his $8.5 million over the course of the next five years.

Wagoner was reportedly eligible for more than $20 million in retirement pay but will instead get the lower amount. His official retirement will be made official by the first day of August.

Due to the struggles of General Motors, Wagoner was nudged out of the CEO chair at the end of March. Since that point, GM has entered bankruptcy and is on its way to emerging completely from bankruptcy.

In each of the next five years, Wagoner is expected to receive approximately $1.65 million. After that, he will reportedly get about $74,000 per year due to GM’s retirement program.

Wagoner, who is 56 years old, has worked for General Motors since he was 24.

Rick Wagoner (Image: Flickr)