Tag: retired

Report: Court upholds pension cuts to 100 retired GM execs

Filed under: Government/Legal, GM, Earnings/Financials

ARCHIV: Das Logo von General Motors und ein blaues Lichtband zieren das Renaissance Center in Detroit (Foto vom 08.06.11).

100 retired executives from General Motors will soldier on with smaller pensions after a trio of judges in the Sixth Circuit Court of Appeals in Cincinnati, ruled in favor of the automaker. The dispute stemmed from the requirements made by the Obama administration as part of GM’s bankruptcy and restructuring, according to a report from The Detroit News.

The gist of the suit is that the former execs thought their pensions were being calculated one way for the purpose of the cuts, while the automaker was actually counting a different way, with GM factoring in a salaried retirement plan into the executive retirement plan. The judges in the appeals case sided with a 2011 ruling by US District Court Judge George Caram Steeh.

One of the conditions for the bailout was that GM needed to trim all executive pensions worth over $100,000 per year by up to two-thirds. Not surprisingly, some execs weren’t pleased about this. As The Detroit News notes, former CEO Rick Wagoner saw his pension fall from $20 million to $8.5 million.

According to The News, trimming the pensions of the top executives alone saved $221 million per year, while overall pension and health care cuts added up to $4.6 billion in savings.

Court upholds pension cuts to 100 retired GM execs originally appeared on Autoblog on Thu, 08 Aug 2013 16:01:00 EST. Please see our terms for use of feeds.

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Official: Mosler acquired by Rossion, name being retired

Filed under: Hirings/Firings/Layoffs, Earnings/Financials

Mosler is one of the most interesting upstart automakers to have survived the 1980s and ’90s. Its Consulier GTP was ugly, but effective, and able to out-lap more powerful cars with its tiny turbocharged 2.2-liter engine from Chrysler. The company, founded by its namesake Warren Mosler, has persevered for 28 years since its founding in 1985, its latest and last vehicle being the MT900 supercar. We have news, however, that its independent streak has ended: Mosler has been acquired by RP High Performance, the private entity that also owns Rossion.

You may remember Rossion as the company formerly named 1G Racing, which got its start as the sole importer and distributor of British-built Noble supercars. It eventually bought the rights to produce its own version of the Noble M400 and M12, which it called the Rossion Q1.

The announcement of Mosler’s acquisition on Rossion’s website doesn’t give many details, but does confirm that the latter’s co-owner, Ian Grunes, will be President of the new company, and that all assets of both companies will be combined. Henceforth, however, the Mosler name will no longer be used and all new cars will carry the Rossion name. As to which new cars are on their way, Rossion only says they will be in 4-, 6- and 8-cylinder configurations, and make extensive use of Mosler’s expertise in lightweight composites.

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Mosler acquired by Rossion, name being retired originally appeared on Autoblog on Mon, 17 Jun 2013 11:32:00 EST. Please see our terms for use of feeds.

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Jill Wagner retired as Mercury spokeswoman

Filed under: Etc., Hirings/Firings/Layoffs, Mercury, Celebrities

Jill WagnerJill Wagner has officially given up her crown as the queen of Mercury. With the Ford middle child on its way to the scrap heap, Wagner no longer has any automotive hardware to promote. Given her varied talents, we wouldn’t be surprised to see her pick up where she left off with another automaker.

And here you thought you’d never be upset about Mercury’s passing.

Thanks for the tip, Gregg!

[Source: Twitter]

Jill Wagner retired as Mercury spokeswoman originally appeared on Autoblog on Wed, 17 Nov 2010 16:20:00 EST. Please see our terms for use of feeds.

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