GM Chief Gets $9 Million Pay Package

GM Chief Gets $9 Million Pay Package

online.wsj.com

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 ...

(visit the link for the full news article)

How nice to be appointed by Obama and get a package like that aye? Interesting that this article was posted at 6:30 pm on a Friday night isn't it?

Seems to me that the inordinate salaries and benefits packages don't seem to stop at Government Motors amid the mock rage of our dear POTUS over big salaries at failing banks.

This guy is by far the biggest hypocrite that has sat in the Oval Office, yes even bigger than George W!!!!

online.wsj.com
(visit the link for the full news article)

They get bailed out as compensation for their gross ineptitude, then get huge pay packages and golden parachutes.

Meanwhile the workers get their pensions raided and get to fund this nonsense.

It sucks not being rich enough.

Bravo on noticing the timing.
s+f

Whew!! Glad that the stimulus package is being put to good use for America! Thanks, Obama!

If Government Motors ever becomes a publicly traded company again, I am definitly investing in it. The U.S. Government has to be pumping in some unseen super-technology. I believe the Chevy Volt is suppose to come out this year or next, plus Obama has been hyping up advanced battery technology for awhile now. You have to think the government is giving GM something special to work with.

I think all CEOs should follow the lead of Google's CEO Eric Schmidt, he makes a base salary of $1.

[edit on 19-2-2010 by tooo many pills]

Originally posted by leftystrat
Meanwhile the workers get their pensions raided and get to fund this nonsense.

But thats ok..

What I have learned from reading peoples posts on here about that incident in Austin is that as long as the government is screwing someone its ok.. But when they little guy fights back he is a terrorist, idiot, moron, killer, and so on and so forth..

So from this perspective I see nobody gives a crap because the guy who did stand up is being ostracized to hell and back..

But the government can keep doing what it wants because its what the people like to see, not someone fighting back..

Sorry about that your quote there made it similar to yesterdays incident..

On topic however They should have made the car companies sell off car copyrights to keep afloat because I am sure Cadillac or vette could have sold for alot of money on its self..

Anyone wondering now why some guy flew into the IRS building any more?

My first thought when he burned the house down was to keep the IRS from taking it and selling it.

Back on topic, isn't it interesting that the banks that fold happen late Friday evening or on the weekend to keep the news quiet. If this isn't typical dirty government pool I don't know what is! I see this as cronyism to the extreme! How nice ladies and gentlemen that the taxpayers not only own GM but we are giving this man such a sweet deal! As we sit and watch the nation go bankrupt at least we can know we did this bigshot's family some good.

I am telling you this POTUS is the dirtiest one I remember. I am amazed that he is able to get away with this stuff. I certainly am not the only one that in incensed about this. I really do hope the elections this year send a strong message...to all of them. I am really about voting out all the incumbents and making it plain that we are tired of not being represented.

Hmm, kind of reminds you of the reason for the formation of the US, taxation without representation and a few getting rich off our backs.

Not bad for a guy that makes sure a car does the basics.
Like steering, breaking and gas peddle mechanics work like old time.
GM should do very well buying up Toyota in a sort of buying debt move.

I can't help but wonder about all this sudden outrage against Toyota. I am sure it has been mentioned here before but it just seems that they are being set up. I did read about them refusing to do a buy in and I am sure that is a part of it, but just look at how GM sales have increased and Ford is going through the roof!

It sure pays to be one of the big O's friends, and I don't mean Oprah

Interesting
Edward E. Whitacre Jr. current relationships:
Burlington Northern Santa Fe Corporation - director
Exxon Mobil Corp. - director
General Motors Corporation - chairman & CEO
Peterson Institute for International Economics - director

www.muckety.com...

Doesn't sound like he is hurting. I think if he had any integrity he would indeed take that dollar a year salary. Of course no one in big business has any.

That's where all YOUR bailout money goes! Into the pockets of Cheifs and CEOs.

I will NEVER buy a GM car!

I personally don't see the problem with this.
Matter of fact, I think it's a solid direction.

He's making $1.7 million.
He's the new guy, not the one responsible for GM's issues.

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.[7].
On December 1, 2009, Ed Whitacre became interim CEO following Fritz Henderson's resignation.

If GM is to ever come out from under the wing of the U.S. government, they need to hire somebody capable of pulling that off.

He becomes eligible for the rest of the package, paid in stock, in 2012.
If he's still around in 2012, he's probably doing something right.

reply to post by redhead57


He also served as president of The Boy Scouts of America for a few years.

reply to post by tooo many pills


Yeah except his google options vaulted him to around a net worth of over 6 billion dollars. It doesn't matter if he gets paid $1 or $100,000,000 a year.

IMO this is pretty standard/low based on wall street CEO figures.

If you guys were owners of a company, would you pay your top worker pennies on the dollars or give him/her an incentive to do a great job and remain with your company?

Would you honor contracts or try to find a reason to break the contract?

I'm just curious to know what a fair rate for a CEO should be set at?

reply to post by GreenBicMan


I think he received the stock options in 2001 when he was brought on as CEO and into board of directors or he bought that stock on his own.

wiki

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.

Google was no where as big as it is now back in 2001. He brought the company up to where it is now. He deserves the stock he received from '01-04ish.

Article from 2005
money.cnn.com...

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.

So from the 2nd quarter of 2004 to 2010, Schmidt made $6 plus the stock he sold, which, yes was a ton of money. The point is our government is basically giving $1.7 million a year away to a bankrupt company's CEO no matter how bad of a job he does. Even though, he is guaranteed success because the government basically running the company.

Jam, I think the CEOs should be given stock and around couple 100k a year, if the CEO runs the company well the stock goes up and so does his net worth.

But I do guess they have to give GM's CEO something because GM is no longer a publicly traded company. That kinda changes my mind.

[edit on 20-2-2010 by tooo many pills]

Nice bit of hypocrisy on the part the Obama regime. But we should be getting used to this by now, shouldn't we?

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.

Source.

[edit on 2/20/10 by Ferris.Bueller.II]

Did President Obama sign the check?