Comments on: GM Car Czar Bob Lutz Gets 17.6% Re-Raise. And then some.

By: Redbarchetta

Redbarchetta — Thu, 13 Mar 2008 21:38:30 +0000

I’m simply amazed, big raises for poor performance and a 17% raise at that, I guess that’s what true inflation is at right now.

By: Sherman Lin

Sherman Lin — Thu, 13 Mar 2008 17:53:51 +0000

I don’t mind the exorbitant pay for top level executives, Its just the fact that they don’t get fired for lack of performance that kills me. By all means reward top level talent handsomely but demand performance for that pay.

By: NeonCat93

NeonCat93 — Thu, 13 Mar 2008 15:47:38 +0000

Well, if the cars for life are GM products, it could be punishment enough.

That would be a good way to reduce the backlog – pay them in unsold Tahoes, etc.

I know that I don’t have a MBA or anything like that, but if someone wants to pay me $1 million plus a year, I promise I will do at least as well as the GM execs.

By: Blunozer

Blunozer — Thu, 13 Mar 2008 15:19:54 +0000

Gee…

I wonder why the union guys are so pissed off and so unwilling to make concessions?

The guy on the line being asked to take pay cuts and layoffs finds it a little more hard to swallow following a upper management pay increase.

Lead by example fellas.

By: Ralph SS

Ralph SS — Thu, 13 Mar 2008 15:08:41 +0000

I was going to say something negative about this – and Wagoner – and Fritz – but I realized I’m just bitter.

Congratulations to Lutz, Wagoner and Fritz. You are America.

By: jthorner

jthorner — Thu, 13 Mar 2008 15:06:44 +0000

How do these guys sleep at night? Oh, I forgot, they spend $4000-$5000 to get the “Kristen”s of this world to help them with that.

By: BuckD

BuckD — Thu, 13 Mar 2008 14:35:57 +0000

Now what’s with the sour grapes? So what if Lutz gets paid over thirty times the median annual household income in the USA (excluding stock options, bonuses and perks) to bloviate while wrecking a company. You some kind of communist?

By: OverheadCam9000

OverheadCam9000 — Thu, 13 Mar 2008 13:53:48 +0000

We are likely seeing Golden Parachutes
deploying…

If memory serves, J.T. Battenburg, III et. al.
did the same thing only days before Delphi did the Chap. 11 walk….

By: meaninglessvanity

meaninglessvanity — Thu, 13 Mar 2008 13:30:13 +0000

If Maximum Bob is re-raising, then I’m all in. :-)

By: frontline

frontline — Thu, 13 Mar 2008 13:04:00 +0000

Those pay plans must be fascinating! How do they read? If losses exceed 100 Mil your pay= 100,000. If losses are below 100 Mil but above 50 Mil your pay= 200,000 …….

By: AKM

AKM — Thu, 13 Mar 2008 12:52:21 +0000

As sad as it sounds, I’m not even surprised. It’s the case in most industries: CEOs from large financial companies were ousted, but flew away on golden parachutes, even though they bear a large responsibility for the current credit crisis.

By: Robert Farago

Robert Farago — Thu, 13 Mar 2008 12:26:45 +0000

frontline :

but if Lutz’s department is showing a profit , then it makes sense.

Lutz is in charge of GM Global Product Development. The whole company is his department. And they’re not doing so well IMHO.

(Interestingly, since Fritz was promoted to COO, Lutz is the only remaining GM exec who reports directly to Wagoner.)

By: frontline

frontline — Thu, 13 Mar 2008 12:20:23 +0000

I can’ t see how Wagoner profits by taking a percentage of a loss {he reigns over the whole losing company} … but if Lutz’s department is showing a profit , then it makes sense.