GM execs’ salaries restored
GM execs’ salaries restored
New board member nominated
Automotive News | April 25, 2008 - 4:33 pm EST
DETROIT — General Motors gave its top executives a pay increase this year and returned CEO Rick Wagoner’s base salary to its 2003-06 level.
In its annual proxy statement released today, GM listed CEO Rick Wagoner’s 2008 base salary as $2.2 million, up from $1.65 million last year. Wagoner made $2.2 million in 2006, but took a voluntary pay cut to $1.1 million, citing GM’s market struggles.
Fritz Henderson’s base salary was increased to $1.8 million in recognition of his promotion to president and COO in March. Henderson had been CFO earning $1.3 million in March 2007.
GM’s product czar, Bob Lutz, also got a base salary boost to $1.75 million, from $1.3 million. Both Henderson and Lutz had base salaries of $1.55 million in 2006.
“We believe that paying base salaries that are at the high end of market pay levels is the most appropriate approach to help retain executives throughout the business cycle as actual total compensation received can be much lower than competitive levels,” the proxy statement reads.
Total 2007 compensation for GM’s top five executives, including salary, stock awards, options and other income, was:
• Wagoner: $14.4 million
• Henderson: $7.6 million
• Lutz: $6.9 million
• Gary Cowger, group vice president of manufacturing and labor relations: $5.1 million
• Tom Stephens, group vice president of global powertrain and global quality: $4.9 million
Cowger’s base salary remained unchanged, Stephens’ base salary rose to $1 million in recognition of his appointment as executive vice president of global powertrain and global quality on March 3.
GM has scheduled its annual stockholders’ meeting for June 3 in Wilmington, Del.
The company also announced that E. Neville Isdell, chairman and CEO of The Coca-Cola Co., has been nominated to the GM board. Fourteen board candidates will be up for election. If Isdell is elected, he will join the board Aug. 6.
| Rick Wagoner |
