GM increases exec salaries to "normal" levels

[jamz]

Filed under: Etc., GM


GM has seen plenty of tough times over the past few years, and even the company's top executives have felt the pinch. Executive pay was among the items cut as the General waded through multi-billion-dollar losses and immense market pressure, but after two years of cuts, the members of GM's top brass are getting their old salaries back. Top boss Rick Wagoner's base pay went as "low" as $1.1M but is now back to its 2003 level of $2.2M. Product czar Bob Lutz and money man Fritz Henderson also had their pay restored, and Fritz even got a raise to reflect his promotion to COO. Many of the pay cuts were voluntary in recognition of GM's market struggles, but even with the cuts in base pay, overall executive pay packages are worth a lot more than just the salaries alone. Wagoner, for example, was paid $14.4M in 2007, while Maximum Bob came in at $6.9M.

[Source: Auto News (subs. req'd)]
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