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Ex-GM boss gets £5.3m pension over five years

Former General Motors (GM) boss Rick Wagoner will officially retire in August with a pension worth $8.6m (£5.3m) over the first five years.

Wagoner is standing down after he was ousted from the jobs of chairman and chief executive in March as part of the government rescue of GM, reported BBC.

If he had retired last year, he would have been entitled to a retirement package worth $23m.

Last week, GM emerged from bankruptcy protection as a smaller company.

Wagoner had led the firm since 2000.

In recent years he had presided over increasing losses at the firm, after it was hit by falling sales in its key home market.

Wagoner's pension deal includes five initial annual lump sum payments of $1.64m, plus $74,030 each year, also starting from August.

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