Posted on 02/19/2010 5:50:38 PM PST by Steelfish
General Motors Boss Whitacre To Receive $9M Pay Package
Mr Whitacre will receive considerably more than his predecessor General Motors (GM) has said chief executive Ed Whitacre will get an annual salary of $1.7m (£1.1m), plus $7.3m in shares at a later date. The pay package was approved by the US Treasury, which spent billions of dollars bailing out the carmaker last year and now owns a large stake in it. GM also said Mr Whitacre's predecessor, Fritz Henderson, is being paid $59,090 a month as an adviser.
Mr Whitacre took over as interim chief executive in December last year. Last month, he was officially confirmed in the position on a permanent basis. He is also chairman of GM. Mr Whitacre was appointed chairman by the US administration last year, having previously run telecoms company AT&T. His salary compares favourably with that of his predecessor. In an agreement reached last October with the US government, Mr Henderson's pay was cut by 25% to $950,000, about half of what he made in 2008.
(Excerpt) Read more at news.bbc.co.uk ...
My Print Mistake:
Loans $60 BILLION not $60 MILLION
“In total, GM received some $60bn in government loans.”
Husband and I both need new vehicles in the near future. We will be buying from Ford.
Who didn’t think this auto bailout would be any less than the usual Government boondoggle, and dollars down the crapper?
Show of hands?
Yep. I didn’t think so! :)
If Obama keeps up his “theater” with Toyota, I’ll turn in my 2007 Buick for a Toyota. In any case, I’m never buying another GM automobile ever again.
And told the debt holders of billions to take a hike. Theft, pure and simple.
There is no way I would buy anything from that company now!
Crony Fascism
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