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Former General Motors CEO Rick Wagoner will retire in August with a package worth $8.6 million (£5.2m) over five years.

Wagoner was ousted from his position by US president Barack Obama in March, but he has remained on the company's payroll, earning a nominal $1 a year while the terms of his retirement were agreed. His official retirement will take effect on 1 August.

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However, the value of Wagoner's retirement package is about 60 per cent lower than it would have been at the end of last year, before GM fell into government-funded bankruptcy and its assets were sold to a new GM.

The scale of his pension's drop is comparable with that of other GM employees.

Wagoner will receive other benefits from GM, including a cash payment of around £1.5 million for a life insurance policy.

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