An anonymous GM retiree writes in:
Does anyone know that New GM is in the process of retiring about 25% or more of their executives with a fairly ‘normal' retirement package? This means these execs who were at the healm leading into bankruptcy will be be getting almost a full retirement program including 90% of their earned SERP/ERP and half year's salary in life insurance. This compares to all current retirees who lost 70% of their SERP and all of their life insurance except for $10k when GM came out of bankruptcy. The arrogance of the ‘new company' that hasn't made any money and is using public funds to continue in business is what we would have expected from the old company. Since this company is now owned by the government, can't someone get at look at these numbers and see what the American taxpayer will be paying these people for the rest of their lives? I am a retiree and am grateful that we kept our retirement program at all. I am just shocked that the next retirees are not going to get similar cuts to their package.
A recent FastLane livechat on Reinventing the GM Workplace doesn't provide any direct answers but does give an insight into GM's priorities. Such as the idea that non-GM cars in GM employee parking lots should be the first to go. Writes GM's Diana Tremblay, people who work here should drive our products - I know there are personal cases that make it difficult but its more the attitude of not supporting the company that pays them. Former CEO Rick Wagoner was set to receive $22 million but instead left with a mere $8.2 million.