As General Motors slashes jobs, closes plants and battles to avoid bankruptcy, the company’s CEO has set up a retirement plan that will pay him at least $4.6 million a year – nearly twice his current salary.
G. Richard Wagoner, who the New York Post calls "the greediest, most undeserving CEO since Chainsaw Al Dunlap,” was named GM’s chief financial officer in 1992, when the company had a global payroll of 750,000 employees.
Under Wagoner’s command as CFO and, since 2000, CEO, the carmaker has seen its employees dwindle to 324,000.
Now the company has announced plans to cut 30,000 more jobs and close 12 North American plants, and Wagoner is denying rampant rumors that GM is preparing for file for bankruptcy protection."
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'90 VW Jetta Turbo Diesel... clackity clack, don't talk back
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You know the business world has totally lost all ethics when people get $20,000,000 bonuses for almost putting their company into what seems to be a the worst situation they've ever been in.
You know the business world has totally lost all ethics when people get $20,000,000 bonuses for almost putting their company into what seems to be a the worst situation they've ever been in.
Wagoner had nothing at all to do with their present situation and is actually gradually improving GM's financial situation. If his hands were not tied by the UAW he would actually be able to implement the measures which are necessary to put the company on the right course.
Though accepting a $20 000 000 bonus does not set a good precedent. He should look at former Chrysler CEO Lee Iaccoca, when Chrysler was on the precipice of bankruptcy he worked for $1 a year.
Actions like this are normally approved by a board. Do your homework. If you know anything about CEO's and corp governance, you'd know there are others who make a lot more then him.
Quote:
Originally Posted by cL0wn_p3n0r
Though accepting a $20 000 000 bonus does not set a good precedent. He should look at former Chrysler CEO Lee Iaccoca, when Chrysler was on the precipice of bankruptcy he worked for $1 a year.
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