General Motors CEO Wagoner Leaves With $20 Million Retirement Package

It was reported earlier this morning that the Obama administration has rejected initial bailout requests from automakers Chrysler and General Motors. It was also confirmed that General Motors CEO Richard Wagoner resigned from his position at the request of the Obama administration due to its belief that new leadership was desperately needed.

Although the Treasury Department is preventing General Motors from paying severance to departed senior executives, financial filing documents from the company indicate that Wagoner is eligible to collect a $20 million retirement package, according to ABC News.

Although Wagoner is serving as the public scapegoat for how poorly the business has been run, he is certainly accountable for his role in the downfall of General Motors. The automaker has lost billions of dollars while collecting billions in taxpayer-financed aid, which has resulted in a harsh backlash from millions of American citizens.

By the end of this year, GM is expected to lay off nearly 50,000 employees. Any sympathy that Wagoner may have received in light of his departure is likely to disappear as a result of the incredibly generous retirement package that he will be receiving.

Due to the fact that Wagoner has resigned, he has become eligible for two separate retirement packages that accumulate to $20.2 million. These two packages are referred to as a Salaried Retirement Plan and an Executive Retirement Plan, according to ABC News.