Ousted GM boss in line for £14 million

Rick Wagoner, the ousted chairman and chief executive of General Motors, is likely to leave the ailing carmaker with about $21 million (£14.7 million).

Company filings say he will receive about $20 million in pension benefits and $535,000 in back pay.

But Wagoner will get no pay-off, according to the documents, filed before President Obama demanded his head last weekend. The US authorities rejected pleas from GM and Chrysler for billions more dollars of state aid yesterday and gave them 60 and 30 days respectively to come up with tougher cost-cutting plans or face bankruptcy.

Wagoner's pension pot was valued at $20.1 million at the end of 2008. He is also eligible to receive shares worth about $366,000 from long-term incentive schemes granted several years ago.

Final details of his departure terms are still being negotiated by lawyers. But if GM goes bankrupt, Wagoner's pension may well be reduced. At least six other GM board members are expected to be replaced shortly.