The Detroit Free Press reports that as General Motors gets ready to launch, likely later today, as the New GM, it is preparing a buyout offer to formally send former CEO Rick Wagoner packing.
As it prepares for the New GM to emerge from bankruptcy, the company appears to be close to offering former CEO and Chairman Rick Wagoner an exit package to formally leave.
Wagoner resigned his position at the end of March at the request of the U.S. Treasury’s auto task force.
However, he technically stayed on as a GM employee as the automaker and U.S. Treasury worked to figure out the pay and benefit obligations of the New GM, a person familiar with the process said.
Another person familiar with the situation told the Free Press that an exit package would be announced soon.
The Wall Street Journal quoted an unnamed Obama administration official on Wednesday as saying the package would be made public.
Wagoner was due something over $20 million in pension benefits when he was fired. It will certainly be very interesting to see what kind of offer is made and whether Wagoner will challenge the offer and demand more.