Posted on 02/19/2010 10:02:13 PM PST by Justaham
General Motors Co. Chief Executive Ed Whitacre will receive a pay package valued at $9 million to help turn around the government-owned auto maker, according to a regulatory filing.
Mr. Whitacre, according to the filing, will receive a $1.7 million base salary this year. The rest of his compensation is comprised of $5.3 million in stock available to him beginning in 2012 and restricted stock units valued currently at $2 million.
The auto maker will pay former-CEO Frederick "Fritz" Henderson $59,090 a month beginning this week for consulting on international operations. The consulting deal surprised some GM executives. Mr. Henderson has not been working for the company since he resigned under pressure from the GM board.
Mr. Whitacre became the auto maker's full-time CEO last month following a short stint as acting chief. Mr. Whitacre was GM's chairman at the time and continues in that role. He does not receive additional pay for his work as chairman of the board.
Because GM is subject to restrictions on pay the U.S. imposed on companies it bailed out, U.S. Treasury pay czar Kenneth Feinberg had to approve the package.
(Excerpt) Read more at online.wsj.com ...
Not unreasonable. As long as they figure out a way to revive the product.
I would have taken the job for $8mil. I’m just as qualified. Although, I’m not a Democrat so that may be an issue.
Mr.Pay Czar isn’t gonna stop it?
I REALLY hate this administration!
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