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Rick Wagoner, the man who helped run General Motors to the ground, will retire August 1 with a pension and benefit package the automaker valued at $8.2 million. Wagoner, who was in charge of the ...
After 32 years at GM, Wagoner retired with an exit package of over $10 million: $1.65 million in benefits per year for his first five years of retirement, $74,030 per year pension for the rest of his life, and a $2.6 million life insurance policy that can be cashed out at any time. [22] [23]
General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury was represented by the United States Attorneys Office for the Southern District of New York and Cadwalader, Wickersham & Taft LLP. An ad hoc group of the bondholders of General Motors Corporation was also represented in court. [47]
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Thanks to decades of mismanagement, General Motors Corp. (GM) is on the brink of bankruptcy. For instance, under its recently fired CEO Rick Wagoner, GM's North American market share fell from 33 ...
National General Insurance, formerly the GMAC Insurance Group is a Winston-Salem, North Carolina–based property and casualty insurance company. The company was founded in 1920. The company is the only insurance company in the United States to originate within the automotive industry.
In February 2000, Rick Wagoner was named CEO, succeeding Smith. [90] [91] The next month, GM gave 5.1% of its common stock, worth $2.4 billion, to acquire a 20% share of Fiat. [92] In December 2000, GM announced that it would begin phasing out Oldsmobile. The brand was eventually discontinued in 2004, seven years after it had become the first ...
Last fall, I suggested that General Motors Corp. (GM) ought to follow a six point restructuring plan. One of those steps was to can GM's CEO Rick Wagoner. Under his tenure, which began in 2000, GM ...