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Old 04-02-2009, 01:54 PM   #1
AVANTI R5
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Default Wagoner Joins GM Job Bank

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Washington -- Former General Motors Corp. chairman and CEO Rick Wagoner remains on the automaker's payroll as the company's board reviews the terms of his exit -- including a $20 million pension and deferred compensation agreement.

Steve Harris, a GM spokesman, said Wagoner remaining on the payroll is largely symbolic since the former CEO earns just $1 a year. It's not clear when Wagoner will officially leave the payroll, Harris said Wednesday.

Wagoner, 56, a 32-year veteran of GM, has a pension with total accrued benefits of $22.1 million as of Dec. 31. That's also the date he gets his $1 salary for 2009Even though he remains on GM's payroll, Wagoner is not serving as an adviser or in any capacity to his successor, CEO Fritz Henderson, Harris said.

Wagoner is to receive an annual pension of $68,900 and five annual pension payments of $4,523,400 -- the first of which is payable upon retirement, according to the company's annual report filed March 5.

A White House official said the government hadn't asked Wagoner to remain on the job and said the Obama administration is aware of the pension issue.

"As we negotiate the full restructuring plan with General Motors, all of its outstanding obligations will be under review, consistent with the president's principles, and Mr. Wagoner's arrangements will be a part of that," the official said.

Pension on the radar

GM said earlier this week that Wagoner's pension had been a topic of discussions with President Barack Obama's auto task force.

If GM files for bankruptcy, Wagoner could lose most of his pension. About $943,900 -- the estimated value of the annual $68,900 pension payments -- would likely be protected if the company filed for bankruptcy.

The Obama administration said a "surgical" bankruptcy may be the best option for GM and Chrysler LLC to restructure and improve their balance sheets. GM has received $13.4 billion in government loans. The administration has agreed to give GM additional unspecified short-term funding over the next 60 days as GM revamps its viability plan and seeks to win concessions from bondholders and the United Auto Workers.

The deposed auto chief is owed about $535,000 in deferred compensation from GM. The deferred compensation's value has fallen from $766,000 at the end of 2007. Furthermore, he owns 208,354 shares of GM stock now worth about $402,000. GM's stock has fallen about 92 percent off its 52-week high. GM lost $82 billion over the last three years.
Wagoner's compensation has totaled about $65 million since 2003, including $40.2 million over the last three years.

Everything's worth less

Wagoner, who became CEO in 2000 and added the title of chairman of the board in 2003, didn't return an e-mail seeking comment Wednesday.

GM noted that because the precipitous drop in the company's stock price, the stock and options the automaker awarded to Wagoner declined dramatically.

For the $11.9 million in stock and options awarded to Wagoner, GM said the actual value as of Dec. 31 is just $682,000.

Wagoner's employment agreement said that if he left GM, he cannot work for another automaker without GM's written permission
http://www.detnews.com/article/20090...341/1148/rss25
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Old 04-02-2009, 02:02 PM   #2
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I think that the pay and severance of a CEO should be directly tied to his/her performance with said company, starting with $100,000 for example and working their way up from there based on marketshare, financial growth and stock price.

Before any of the rightwing yahoos come in here and yell "Socialism!", this is what true capitalism is and not the welfare for the rich being promoted by Limbaugh, Malkin and their ilk. The problem with today's CEOs is that they expect to be treated like heroes on their first day, when in the old days, you earned people's respect by results.

And if I were GM, I would allow him to work at any carmaker he wants if he can reduce their market share, capitulation and stock price just like he did at GM.
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Old 04-02-2009, 06:05 PM   #3
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Paid 40 million to lose 82 billion over the last 3 yrs.
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Old 04-02-2009, 06:12 PM   #4
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I found this amusing:

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He became president and chief executive officer in June 2000 and was elected chairman on May 1, 2003. During his reign, GM shares have plummeted from around $60 in June 2000 to as low as $1.27 in March 2009, a loss of approximately 98%, and GM's share of North American cars sales went from 28.3% to 18.3%.
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Old 04-02-2009, 06:35 PM   #5
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Quote:
Originally Posted by Eyeflyistheeye View Post
I think that the pay and severance of a CEO should be directly tied to his/her performance with said company, starting with $100,000 for example and working their way up from there based on marketshare, financial growth and stock price.

Before any of the rightwing yahoos come in here and yell "Socialism!", this is what true capitalism is and not the welfare for the rich being promoted by Limbaugh, Malkin and their ilk. The problem with today's CEOs is that they expect to be treated like heroes on their first day, when in the old days, you earned people's respect by results.

And if I were GM, I would allow him to work at any carmaker he wants if he can reduce their market share, capitulation and stock price just like he did at GM.
Took the words right out of my mouth on every point. Well said.
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Old 04-03-2009, 10:43 AM   #6
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Quote:
Originally Posted by Eyeflyistheeye View Post
I think that the pay and severance of a CEO should be directly tied to his/her performance with said company, starting with $100,000 for example and working their way up from there based on marketshare, financial growth and stock price.

Before any of the rightwing yahoos come in here and yell "Socialism!", this is what true capitalism is and not the welfare for the rich being promoted by Limbaugh, Malkin and their ilk. The problem with today's CEOs is that they expect to be treated like heroes on their first day, when in the old days, you earned people's respect by results.

And if I were GM, I would allow him to work at any carmaker he wants if he can reduce their market share, capitulation and stock price just like he did at GM.
Look Lord knows I lean to the right, but I agree with you. CEO's should not be rewarded for incompetence. However, if GM was dumb enough to agree to said bonus, and pension, then its their down fall. Companies do not have to sign these contracts. If I was a CEO, and I could make the company hiring me agree to pay me 20mill if they fire me, you bet I would.

Shame on GM for allowing this to happen.
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Old 04-03-2009, 10:45 AM   #7
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Shame on GM's shareholders for allowing this to happen.
fixed
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Old 04-03-2009, 10:50 AM   #8
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I see what you did, yeah, thanks for the correction, that is what I meant.
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Old 04-03-2009, 11:52 AM   #9
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including a $20 million pension
Quote:
Originally Posted by Eyeflyistheeye View Post
I think that the pay and severance of a CEO should be directly tied to his/her performance with said company, starting with $100,000 for example and working their way up from there based on marketshare, financial growth and stock price.
Two different things. The media is letting is go as if it is a yearly bonus or severance, but it isn't.

Generally I agree that performance of the company should be the major factor in a CEO's payment. In this case, Wagoner makes $1. He has been at GM for probably 30 years though, in several high dollar jobs, so his retirement pension doesn't seem too far out of whack.
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Old 04-03-2009, 12:25 PM   #10
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I see what you did, yeah, thanks for the correction, that is what I meant.
Those of us that own the shares need to stand up and vote correctly. People whine and complain but do nothing.
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Old 04-03-2009, 08:59 PM   #11
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Quote:
Originally Posted by Eyeflyistheeye View Post
I think that the pay and severance of a CEO should be directly tied to his/her performance with said company, starting with $100,000 for example and working their way up from there based on marketshare, financial growth and stock price.

Before any of the rightwing yahoos come in here and yell "Socialism!", this is what true capitalism is and not the welfare for the rich being promoted by Limbaugh, Malkin and their ilk.
Socialism it's not. Communism is closer, if we're going to nationalize all the big companies. What exactly would *you* call it when General Motors' relationship and compensation agreement with Wagoner is under review by the President of the United States? Surely this is not your definition of true capitalism?
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