Business News
Decision imminent on payout for ousted GM chief
Jul 9, 2009, 13:12 GMT
New York - The Obama administration was mulling Thursday what pension remuneration to give ousted General Motors chief executive Rick Wagoner.
Wagoner was forced out of his post as chief executive officer as part of the US government's billion-dollar bailout of the troubled car-maker.
He is retained on a nominal one-dollar-a-year salary, but now Washington must decide what sort of exit package to offer the 56-year old former boss.
The US government will become majority owner of the post- bankruptcy GM, to be called General Motors Co.
Some reports put the figure Wagoner is contractually entitled to at up to 20 million dollars (14 million euros), making it a tricky political decision for an administration hit by public outrage at handouts of taxpayers' dollars.
No decision has yet been made on his package, according to finance ministry officials on Thursday.
Obama had led the outcry against bonuses and payments for failing business, and himself personally forced Wagoner out of his job.
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