General Motors boss Whitacre to receive $9m pay package

[Locutus]

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.


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BBC News - General Motors boss Whitacre to receive $9m pay package


Not bad for government employees eh? :cool:

[mikezila]

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.


more...

BBC News - General Motors boss Whitacre to receive $9m pay package


Not bad for government employees eh? :cool:

i'd rather he be paid a sent amount of stock instead of a set value of stock. the former encourages performance, while the later encourages him to under perform. come to think of it, that should be SOP for all of 0's cronies.

[Ron Toronto]

CEO compensation has been obscene for years now and will likely be written up as one factor in the economic meltdown we've been living through. And while this news rankles me somewhat, this package is quite modest by CEO standards. The real test is what has he done to earn that?

[NotTHATGuy]

CEO compensation has been obscene for years now and will likely be written up as one factor in the economic meltdown we've been living through. And while this news rankles me somewhat, this package is quite modest by CEO standards. The real test is what has he done to earn that?

Exactly. It would be amusing to set a base salary of, say, $600,000 per year, and ask for detailed accounting of why he deserves more.

But that won't happen, because it's an old boys club, where CEOs all agree that each other should be paid obscene amounts of money, and the taxpayers all go along with it.