General Motors Chairman and CEO Rick Wagoner announced his resignation today, and will take with him a pension package worth almost $23 million. In an unprecedented move, Wagoner was basically forced out of the job by the Obama administration when they asked him to step down as they work to restructure and save the automaker. The terms of GM's government loans do not allow the company to give executives severance pay, but do not touch the pensions earned by the employees. Wagoner will receive the estimated $23 million in several payments over the rest of his life. The newest annual report from GM said Wagoner will also receive almost $367,000 from stocks and around $535,000 in deferred compensation. Wagoner has been replaced by Fritz Henderson, the company's Chief Operations Officer.
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