Washington Post Co. elects former GM CEO Rick Wagoner to its board
Rick Wagoner, who was fired as chief executive of General Motors by the White House, has been elected to The Washington Post Co.'s board of directors, increasing the board to 11 members, the education and media company said today.
The Post Co.'s release says that Wagoner "retired from General Motors Corporation in August 2009," but the White House acknowledged that it forced Wagoner to step down two months before the struggling automaker was forced to declare bankruptcy, following a $51 billion government bailout. As part of the bankruptcy, the federal government took a 61 percent stake in GM, which it still holds. GM plans an IPO in coming months to pay back the taxpayer money.
Wagoner will make $70,000 per year, which is in-line with what other Post Co. directors make.
Wagoner was a 32-year GM veteran and had been chairman and chief executive of the company from 2003 to 2009.
Despite the problems the company experienced in the U.S., Wagoner is credited with expanding GM's presence in China.
In addition to its flagship newspaper, The Post Co. owns Kaplan education company -- which provides the majority of The Post Co.'s revenue -- a small cable company called CableOne, six television stations and various small publications, including Slate. The company also owns Newsweek, which it is attempting to sell.
In other company news today, The Post Co. said it would pay a dividend of $2.25 per share on August 6.
June 10, 2010; 1:04 PM ET
Categories: Autos , Corporations
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