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.



COMMENT

blog comments powered by Disqus

Latest Headlines in Business

Older Talkback

Follow Us

Follow M&C on Pinterest

Search

Custom Search

Also Check Out

Peter Andre ready to move on

Peter Andre ready to move on
Peter Andre is finally ready to move on from ex-wife Katie Price and wonders if he has already met the person he is 'supposed' to marry. ... more

Prince William's tribute to role model Queen

Prince Williams tribute to role model Queen
Britain's Prince William has paid tribute to his grandmother Queen Elizabeth for being an 'incredible role model'. ... more

Mariah Carey's sister wants reconciliation

Mariah Careys sister wants reconciliation
Mariah Carey's estranged sister Alison is desperate to mend her rift with the singer and meet the star's twins Moroccan and Monroe for the first time. ... more

Robin Gibb had kidney failure

Robin Gibb had kidney failure
Robin Gibb's son RJ says the Bee Gees singer's death was caused by kidney and liver failure, ... more

Matthew Morrison's sexy meals

Matthew Morrisons sexy meals
Matthew Morrison thinks cooking is 'sexy' and loves sharing candlelit dinners with his girlfriend Renee Puente. ... more

Apl.de.Ap praises 'beautiful' Cheryl

Apl.de.Ap praises beautiful Cheryl
Black Eyed Peas star Apl.de.Ap thinks Cheryl Cole is a 'beautiful' woman. ... more

Queen Elizabeth loves to laugh with her grandkids

Queen Elizabeth loves to laugh with her grandkids
Britain's Queen Elizabeth loves to share a laugh with her grandchildren and find out about their lives outside of their royal duties. ... more

David Hasselhoff to buy bar for Hayley

David Hasselhoff to buy bar for Hayley
David Hasselhoff wants to buy his Welsh girlfriend Hayley Roberts a bar which he will call the Hoff & Hounds. ... more

Gavin Rossdale refuses to speak to ex after DNA test

Gavin Rossdale refuses to speak to ex after DNA test
Gavin Rossdale has refused to speak to Pearl Lowe since she allowed their daughter Daisy to take a DNA test which revealed he is her father. ... more

Gary Barlow's odd queen meetings

Gary Barlows odd queen meetings
Gary Barlow does find meeting Britain's Queen Elizabeth is 'really odd' because it can be 'relaxing'. ... more