We’d rather not describe former GM CEO as having driven the company into the ground. As far as we’re concerned, GM’s death was not the result of any one guy’s management failure, but rather a confluence of trends, internal and external, that made the old GM’s bankruptcy an inevitability.
That being said, he didn’t do anything to fight the trends, and yet he’s still on top for a huge retirement package. That’s how it goes. Failure is not grounds for not getting paid.
According to the WSJ, Rick Wagoner is still technically employed by the company, taking $1 a year, as well as health benefits, while the company and the government handle the “delicate” issue of Wagoner’s pay package, which could be as high as $20 million. Maybe they’ll split the difference
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