David J. Edmondson will receive a severance package worth about $1.5 million, the New York Times said Tuesday.
He claimed to have earned an undergraduate degree that he, in fact, had not earned. Last week, Edmondson apologized to the board and shareholders for the deception.
Claire H. Babrowski, currently the chief operating officer, has been named acting chief executive. She also is a candidate for the permanent post.
2014: The Year in Fashion [PHOTOS]
GM recalls 221,000 Cadillacs and Impalas