General Motors ( GMGMQ) former CEO Rick Wagoner, who is still employed by the bankrupt automaker almost four months after he was fired, will learn "very soon" when he'll be cut loose from the company and what he'll take home as an exit package, the Wall Street Journal reports, citing an Obama administration official. Wagoner is still on GM's payroll at $1 a year and receives the same benefits he did when he served as CEO, the newspaper notes.
A GM spokewoman said Wagoner remains on staff only technically as the U.S. government decides on pay and benefit criteria for the company's top officers, obligations that will be the responsibility of the new GM once it emerges from bankruptcy protection, according to the Journal. The company's exit from Chapter 11 could take place Thursday, TheStreet.com reported. Wagoner, who agreed to work for $1 a year as part of his fight to win federal funding for the automaker, could be eligible for pensions that were worth around $20 million, according a regulatory filing at the end of 2008. The amount includes benefits accumulated over Wagoner's 32 years at GM, the Journal notes.