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General Motors Co. Chief Executive Ed Whitacre will receive a pay package valued at $9 million to help turn around the government-owned auto maker, according to a regulatory filing.
Mr. Whitacre, according to the filing, will receive a $1.7 million base salary this year. The rest of his compensation is comprised of $5.3 million in stock available to him beginning in 2012 and restricted stock units valued currently at $2 million.
The auto maker will pay former-CEO Frederick "Fritz" Henderson $59,090 ...
Originally posted by leftystrat
Meanwhile the workers get their pensions raided and get to fund this nonsense.
On June 9, 2009, General Motors named Whitacre as chairman.
He took the position when the automaker emerged from bankruptcy proceedings on July 10, 2009..
On December 1, 2009, Ed Whitacre became interim CEO following Fritz Henderson's resignation.
While CEO of Google in 2008, Schmidt earned a base salary of just $1, and other compensation of $508,763. He did not receive any cash, stock, or options.
According to the search engine's latest proxy statement, filed with the Securities and Exchange Commission Friday, Google CEO Eric Schmidt and co-founders Larry Page and Sergey Brin requested during the second quarter of 2004 that their salaries be reduced to $1.
Prior to that, Schmidt had been earning an annual salary of $250,000 while Brin and Page received $150,000 a year. As a result of this pay cut, Schmidt wound up receiving a salary of $81,432 in 2004 while Brin and Page each earned $43,750.
The company added that during the first quarter of 2005, Google's compensation committee agreed to give Schmidt, Brin and Page a raise due to the company's strong performance. But all three declined the offer and will continue to earn a salary of just $1, the company said.
Google's leaders aren't the first to forego a large salary. Apple's Jobs agreed to just a $1 salary in 1998, a year after he returned to the company he co-founded, and has been receiving a salary of $1 ever since.
Pledging to take "the air out of golden parachutes," President Obama announced Wednesday that executives of companies receiving federal bailout money will have their pay capped at $500,000 under a revised financial compensation plan.