GM's Wagoner Made $5.5 Million in 2008; Will Be Paid $1 In 2009
March 05, 2009
By Michelle Krebs
General Motors CEO Rick Wagoner was paid a total of $5.5 million in 2008, down from $14.1
million in 2007, according to documents filed with the federal government's Securities and Exchange Commission Thursday morning.
In 2008, Wagoner received a salary of $2.1 million and earned no bonus.
Wagoner will work for $1 in 2009 as part of its loan deal with the U.S. government. Pay is cut to all GM executives in 2009 in order to keep the $13.4 billion in loans from the U.S. government and to possibly obtain as much as $16 billion more in additional loans.
Frederick "Fritz" Henderson, who was elected GM president and chief operating officer in
March last year, received $1.7 million in total compensation, down from $7.2 million in 2007. Widely expected to succeed Wagoner eventually as CEO, Henderson will have his $1.7-million salary reduced by 30 percent on May 1 as part of the
government loan deal.
Ray Young, elected executive vice president and chief financial officer in March last year, took home $1.5 million in pay last year. He, too, will take a 30 percent pay cut on May 1. Young's 2007 compensation was not reported as he wasn't among GM's top earners then. SEC requires the compensation of only the very top earners be reported publicly.
Robert S. Osborne, group vice president and general consel, earned nearly $2 million. Osborne, who came from an outside law firm, joined GM in 2006. His 2007 compensation was not reported since he apparently was not one of the top half-dozen executives in terms of pay.
GM-Europe President Carl-Peter Forster, who is very much on the hot seat with the spinoff with Saab and the restructuring of Opel, earned $1.9 million in total compensation in 2008. Forster's 2007 was not revealed.
Nichols Cyprus, controller, earned $916,484 in 2008; his 2007 compensation was not reported.
Photos by GM
1 - GM CEO Rick Wagoner
2 - GM President/COO Fritz Henderson
Posted by Michelle Krebs at 6:29 AM under GM , Personalities | Comments (0) | digg this | Seed Newsvine
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