Payday For Old GM Liquidators
July 15, 2009
Old General Motors, now known as Motors Liquidation Co., has appointed another outside restructuring expert to its board and revealed compensation for its execs in filings with the Securities and Exchange Commission.
The new-old company is headed by Al Koch, as president and CEO, who will be paid $835 an hour. Koch, is vice chairman and managing director of Detroit restructuring firm AlixPartners. He has been joined by James Selzer as vice president and treasurer; he is also a director of AlixPartners. He will receive $555 an hour.
They will be in charge of the sale and liquidation of the old GM's assets, including Pontiac, Hummer, Saab and Saturn.
Posted by Michelle Krebs at 10:13 AM under Business , GM , Personalities | Comments (2) | digg this | Seed Newsvine
Equating to $1.7 million and $1.2 million a year, if they work 40 hour weeks for 52 weeks.
Posted by: greenpony | July 15, 2009 at 11:41 AM
Not so bad compared to pro athletes, I suppose.
But how about commission on five percent over the reserve for the brands. Line a dealership; Blue Sky plus 5%. That sum is used to calculate the commission. Plus commission on the brick & mortar and greasy stuff.
Posted by: fulcrumb | July 15, 2009 at 8:47 PM