- Jun 16, 2009
REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most
The move by GM mirrors closely that of Chrysler, which also took an axe to its executive retirement pay structure. Ex-CEO and one-time company savior Lee Iacocca lost his company car and may lose some or all of his monthly stipend, and he is now representing 1,200 ex-Pentastar employees protesting the move. Chrysler retirees have been lumped together with the Pentastar's other creditors, and it will be up to a judge to determine what amount they will receive in the months and years ahead.
[Source: Detroit News | Image: Bill Pugliano/Getty]