DETROIT • Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a pension and benefit package the automaker valued at more than $10 million.Wagoner, 56, who was ousted by the Obama administration on March 30, will get $1.64 million in benefits annually for each of the next five years, plus an annual pension of $74,030 for the rest of his life, according to company documents filed Tuesday with the U.S. Securities and Exchange Commission.Wagoner, who spent 32 years with the company, can also choose to cash out his company-provided life insurance policy at $2.6 million, according to the filing.The benefits are worth about half the $22.1 million value that the company placed on Wagoner’s retirement package in 2008.The package is far smaller than those afforded to many other retiring large-company CEOs.Stan O’Neal, ousted from Merrill Lynch in 2007 after the investment bank reported a huge quarterly loss, walked away with $161.5 million in stock, options and retirement benefits. Walt Disney Co. directors awarded a $140 million severance package to Michael Ovitz at the end of his brief stint as president of the entertainment company. And Hewlett-Packard Co. granted more than $42 million in cash, stock and other benefits to Carleton “Carly” Fiorina after she was ousted as CEO in 2005.Wagoner has remained on the GM payroll since his ouster, but he had been working for $1 per year.

NEW YORK • Actor David Arquette is raising awareness about hunger by spending some time inside a Plexiglas box atop New York City’s Madison Square Garden marquee. The star of the “Scream” movie franchise hopes to raise $250,000 for Photo by THE ASSOCIATED PRESS

Seth Wenig