GM Car Czar Bob Lutz Gets 17.6% Re-Raise. And Then Some.
Last week, we reported GM CEO Rick Wagoner's bonanza: a $2.2m salary re-raise, 165,563 shares, 500k stock options and 75k restricted stock units. We now learn that Wagoner's heir apparent, newly-appointed COO Fritz Henderson received a 36.6 percent raise. That takes the former Beancounter-in-Chief to $1.8m per year (plus bonuses, unspecified stock options, pensions, cars for life, etc.). The Wall Street Journal reports that GM Car Czar Bob " California rules" Lutz also got his chance to shake the GM money tree. Lutz gets a 17.6 percent re-raise, taking him to $1.55m plus bonuses and stock options worth over $1m. GM would't say what other top executives will be financially blessed, but spokesmouth Tony Cervone claimed GM suits are paid "based on their performance." If that rankles, just think what these guys would have made if they hadn't sold the family silver, lost billions of dollars and sacrificed once valuable U.S. market share.