NEW YORK — Former General Motors Corp. Chairman and Chief Executive Rick Wagoner won’t get a severance payment from the automaker, but he’ll still get a pension and other benefits worth an estimated $23 million.
In nearly 32 years with the company, Wagoner accrued pension benefits that the company valued at $22.1 million at the end of last year.
The actual amount Wagoner will receive could vary because it will be paid in installments over the rest of his life.
Wagoner, 56, also is entitled to $366,602 in unvested stock awards and $534,627 in deferred compensation as of Dec. 31, according to GM’s annual report.
“From the perspective of the average person, most of these payouts are going to seem like a lot of money,” said Alexander Cwirko-Godycki, research manager at Equilar Inc., an information services firm that specializes in researching executive compensation.
“But from the perspective of executive pensions, there have been other cases where there’s been a lot more money involved.”
Wagoner also gets to keep about 3 million stock options, which allow him to buy GM shares at prices ranging from about $20 to $76.
With GM’s stock price now less than $3 per share, however, the options have little value unless the stock price reaches those levels before the options expire.