GM CEO Rick Wagoner Scores $14.4m for '07
Awesome. No really. I'm in awe. At the very moment GM NA's cash flow has gone bye-bye (thanks to union strikes at American Axle and GM factories), just days before the automaker gives the world the gory details of its American cash conflagration, the General reveals that it's bumped-up– sorry, "restored" its top suit's salary. CEO Rick Wagoner's paycheck returns to its 2003 – 2006 levels, from the "reduced" $1.65m back to $2.2m. But don't get to feeling what the Hell, it's only a $570k jump, and it WAS his old salary. Automotive News reports that Rick's TOTAL compensation for '07 was $14.4m, or $39,452.05 per day (including weekends). Meanwhile, Car Czar "Maximum" Bob Lutz gets a nice little "thank you" for winning TTAC's Bob Lutz Award: a base salary "boost" from $1.3m p.a. to $1.75m (so much for " I gave at the office"). MB's total compensation for '07: $6.9m. Newly promoted GM COO (from CFO) Fritz Henderson gets $1.8m; total pay package $7.6m. Friends of GM are free to defend this pay-out (supply – demand), but I find the fact that these guys are raking in MORE money as 32 GM factories are off-line, as GM struggles for its survival, appalling. But you knew that…
executive overpay, it will end some day. But sorry Mikey, it won't be due to the UAW's "efforts"
I wish I could open my own car company, employ every worker in GM and do things right. Better designs, better quality, just for the satisfaction of putting a good name on American cars. I would get paid less... (i guess until greed kicks in)
The most appropriate picture I've seen for an article yet. The board is free to pay what they want, and investors can will react. I am sure they will. Call it the last song of the night for this band. As ordinary citizens, not GM board members, we have a duty to be informed about our decisions, and this information is very telling.