New GM Executive Pay Same As Old Executive Pay

Edward Niedermeyer
by Edward Niedermeyer

OK, not exactly the same. GM’s CEO Fritz Henderson will earn $1.26 million this year, according to New GM SEC filings obtained by the Freep. That’s 27 percent less than he earned in 2008, but a whole lot more than the $1/year that ousted CEO Rick Wagoner was forced to accept. CFO Ray Young will earn $720,000, a 15 percent pay cut. GM’s controller Nicholas Cyprus will take home $522,000, which is eight percent less than he earned last year. Board members will earn $200,000 as a base retainer, plus, if applicable, $10,000 for service as a chair of any board committee; $20,000 for service on the audit committee, and $150,000 as board chairman. That’s unchanged from pre-bailout levels, before GM’s board was also forced to take $1/year as a bailout condition. In other words, the Iaccoca act of the last nine months was just that: an act. Because paying executives is more important than paying back taxpayers. Meanwhile, AutoObserver notes that the executives in charge of winding down old GM will be making $835/hr and $555/hr. Good times.

Edward Niedermeyer
Edward Niedermeyer

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  • Robert Schwartz Robert Schwartz on Jul 17, 2009

    @Dynamic88: Harsh, not necessarily unfair, but just the same, harsh.

  • Skor Skor on Jul 17, 2009

    Am I the only one who thinks ol' Fritz looks like a serial killer?

  • Paris-dakar Paris-dakar on Jul 18, 2009
    Am I the only one who thinks ol’ Fritz looks like a serial killer? Corporate Finance people have a lot in common with Serial Killers - lack of empathy/affect, sociopathic lack of ethics/morality. Serial Killers usually also have a certain amount of charisma and intelligence, which isn't especially prevalent among Corporate Finance types.
  • Aloysius Vampa Aloysius Vampa on Jul 19, 2009
    "Buickman : base pay at GM should be $100,000. above that only a percentage of profitability. pay for performance. if you don’t perform, hit the road!" Yeah, that should help get the cream of the crop working there! *roll eyes*