100 retired executives from General Motors will soldier on with smaller pensions after a trio of judges in the Sixth Circuit Court of Appeals in Cincinnati, ruled in favor of the automaker. The dispute stemmed from the requirements made by the Obama administration as part of GM's bankruptcy and restructuring, according to a report from The Detroit News.
General Motors executives are once again certified members of the jet set. As you may recall, one of the concessions made by automakers in accepting government assistance back in 2009 was a requirement to discontinue the use of private jets in lieu of standard commercial airline flights. The issue first reared its head after the three auto CEOs from Detroit flew in private jets to Washington to outline why the industry needed bailout money. Not so smart.
Part of the reason that General Motors survived its recent bout with bankruptcy is that it greatly reduced the amount of benefits it was paying to its retired workers. Now, more than 100 former GM executives are suing because they feel the automaker owes them dough.
It pays to be an executive for General Motors. Actually, scratch that... it will soon pay to be an executive with General Motors, assuming that the automaker's upcoming Initial Public Offering takes place according to plan. According to our friends at TheDetroitBureau.com, a dozen top officials at the company could be looking at a payday totaling as much as $13 million or more, depending on the value of GM stock after the IPO.
Susan Docherty is continuing her tour of General Motors' vice president offices. The 47-year-old executive has spent time both as the company's vice president of U.S. marketing and the VP of U.S. sales during her career with the Detroit-based automaker, but as of June 1, 2010, Docherty will get the new title of Vice President of International Operational Sales, Marketing and Aftersales, and she'll report to Tim Lee, President of International Operations.