Ousted GM CEO Joins Washington Post Co. Board

By: The Associated Press

The Washington Post Co. said Thursday that Rick Wagoner, who spent 32 years at General Motors before the Obama administration forced him out of the CEO job last year, is joining its board.

Wagoner, 57, brings the newspaper publisher’s number of directors to 11. He served as GM’s chairman and chief executive from 2003 until March 2009. GM, struggling under the weight of huge losses and billions in debt, entered bankruptcy protection a few months later and emerged majority-owned by the U.S. government.

Washington Post Co. also declared a quarterly dividend of $2.25 on Thursday, unchanged from the previous quarter.

The company, which lifted its annual payout to $9 from $8.60 in January, said the quarterly dividend is scheduled to go out Aug. 6 to shareholders on record as of July 26.

Its stock was up $7.56 to $447.02 in afternoon trading Thursday amid broader market gains.

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