Well that has to ease the sting of getting personally fired by The President of the United State of America.
Outgoing GM (GM) Chief Rick Wagoner is set to walk into the sunset with a $20 million payout, according to Michelle Leder’s analysis of GM’s filings.
However, it’s not quite so simple. For one thing, the payout will come over the next 5 years.
And if GM goes bankrupt, Wagoner could be in the lurch just like any other GM retiree. In such a scenario, less than $1 million is guaranteed. Given that the current CEO is already talking about how bankruptcy may be the best option, Wagoner probably shouldn’t be borrowing against that money just yet.
That being said, Wagoner’s received $63 million in total compensation during his tenture. So if he saved wisely, and didn’t have an inordinate amount in GM stock, he should have a comfortable retirement.