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GM CEO Secures $4.6 Million Pension

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#21 ·
Re: GM CEO Secures $4.6 Million Pension (Dango330)

Whats wrong with this?
Hes the first chairman thats actually had the balls to tell it like it is to the Unions and commit to the restructuring GM needs to return to profitability.
You can't expect GM to continue operating properly with 21st century market shares while trying to pay for a company at 1980s sizes.
Like it or not the guy IS doing his job by trying to get the company back to profits no matter what it takes.


Modified by WhistlerOTT at 2:49 PM 11-29-2005
 
#22 ·
Re: (MRVW01)

This is sure to hot up in here! Just what you need in the frosty winter weather!
Sorry but I feel CEOs who are in charge of companies that are in charge of companies that are underperforming in such an appauling manner should really work on performance based pay.
Non profit making status, then they don't get paid.
They hit targets they make profits they get paid a friggin fortune.
Simple.
Everyday that goes by GM is getting more and more like MG Rover (UK) - poor management led that company into the ground and it took 30 years, but GM is doing it an alarming rate.
I say by 2025-2030 GM will either be making a fortune or will be no more. Only time will tell.
Read an article about MG Rover plant closure - the pictures are so depressing, the plant was just closed mid procedure - even the info boards are still lit up!
Image
 
#23 ·
Re: GM CEO Secures $4.6 Million Pension (Dango330)

Want to bet the article leaves out quite a few details for the sake of opinion?
How much of this is based on defered stock. How much of it is based on the fact that GM performed quite admirably early in those 15 years.
I could go on
 
#24 ·
Re: GM CEO Secures $4.6 Million Pension (WhistlerOTT)

Quote, originally posted by WhistlerOTT »
Whats wrong with this?
Hes the first chairman thats actually had the balls to tell it like it is to the Unions and commit to the restructuring GM needs to return to profitability.
You can't expect GM to continue operating properly with 21st century market shares while trying to pay for a company at 1980s sizes.
Like it or not the guy IS doing his job by trying to get the company back to profits no matter what it takes.

Modified by WhistlerOTT at 2:49 PM 11-29-2005

i guess getting twice his salary is is helping to get back profits...whatever it takes as long as it's not his money huh....
i liked the story about the gm workers who get paid because their job was dissolved...gm is about the worst run company in the world...
 
#27 ·
Re: (SEAT_UK)

Quote, originally posted by SEAT_UK »
Non profit making status, then they don't get paid.
They hit targets they make profits they get paid a friggin fortune.
Simple.

Good in theory, but not very realistic.
Sometimes, it can take companes years and years to turn around, and that turnaround can take place under more than one CEO. Then you run into a situation where a CEO works his ass off for three years to turn a business around, but for whatever reason, leaves before the company makes a profit.
Then the new CEO steps in, and thanks to the previous boss's hard work, the company starts making money, and the new CEO gets the credit.
 
#28 ·
Re: GM CEO Secures $4.6 Million Pension (ATL_Av8r)

Quote, originally posted by ATL_Av8r »
$4.6 million just for retiring? Jeez....he must be union.
Image


haha priceless...
good for him...he knows the company is going to tank and he's going to be blamed and won't ever find another job again, might as well make a few bucks
Image

now that I've made the insensitive comment, it is a pretty absurd pension, I always thought pensions were supposed to allow you to continue the lifestyle you had when you were working, not make more once you quit...especially when the company you're running is struggling...maybe it's just GM's way of convincing him to retire so they can get some fresh blood in there.
 
#29 ·
Re: (GTIfreak)

Quote, originally posted by GTIfreak »
Hasn't GM been going out of business for several decades now?
Image

Kind of like Apple.. up... down... up... down up...iPod...up...down?
Apple has always had billions in cash on hand and more then enough to meet their obligations. so no, it's not the same
 
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#31 ·
Re: GM CEO Secures $4.6 Million Pension (Dango330)

im curious as to details of this plan. for instance, did he pay into the system?
there was an article in the boston herald a few weeks ago about "greedy politicians" taking advantage of the state with their "golden parachutes". but ummm, most had paid a significant amount into the retirement funds on their own.
again, not condoning this guy, but do you really think, out of no where, gm just said "hey, how bout 4.6 mil? sound good? great!". chances are, this has been in the making for a long time, with deferred stock and cash being added to a "retirement fund" for him for years. and possibly, some of it being his own money.
but still, not good timing.
 
#32 ·
Re: (what)

Quote, originally posted by what »
Apple has always had billions in cash on hand and more then enough to meet their obligations. so no, it's not the same

No, it is very similar. GM has billions in cash on hand even today. What remains to be seen is if GM can come up with an iPod of their own.
 
#35 ·
Re: GM CEO Secures $4.6 Million Pension (Dango330)

Looks like that works out to $14 per employee, which means he's getting paid about 15 minutes of work from each employee for running the company. Seems fair to me. After all, there's only one CEO.
 
#36 ·
Re: GM CEO Secures $4.6 Million Pension (marzen)

CEO's with over 2million$ annual salaries don't really need retirement plans provided by the company, they should have enough put away on their own.
This kind of thing is just sickening.
 
#37 ·
Re: GM CEO Secures $4.6 Million Pension (4thvw)

The problem isn't the dollar amount, for all those who would defend a $4.6 million pension, but rather the timing - a week after you announce a plan to lay off 30,000 people, you announce this too?
Image

Maybe Wagoner deserves the money, maybe not, but it may have been smarter to put his own pension plan on the back burner for a little while.
 
#39 ·
Re: GM CEO Secures $4.6 Million Pension (AZGolf)

Quote, originally posted by AZGolf »
Looks like that works out to $14 per employee, which means he's getting paid about 15 minutes of work from each employee for running the company. Seems fair to me. After all, there's only one CEO.

Ouch. http://****************.com/smile/emthdown.gif
 
#40 ·
Re: GM CEO Secures $4.6 Million Pension (4thvw)

Quote, originally posted by 4thvw »
CEO's with over 2million$ annual salaries don't really need retirement plans provided by the company, they should have enough put away on their own.

Exactly the case. This is very strange and quite disturbing.
 
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