gm ceo to make 9 million

Discussion in 'The Fire For Effect and Totally Politically Incorr' started by cycloneman, Feb 22, 2010.

  1. cycloneman

    cycloneman Well-Known Member

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    And that is just the begining.

    http://finance.yahoo.com/news/GM-CEO-Whitacre-receives-9M-apf-362235582.html?x=0&.v=5

    GM CEO Whitacre receives $9M pay package
    CEO Whitacre to get $9M pay package; ex-CEO Henderson rehired as a consultant

    Buzz up! 192 Print
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    {"s" : "mtlqq.pk,t","k" : "c10,l10,p20,t10","o" : "","j" : ""} Dan Strumpf, AP Auto Writer, On Friday February 19, 2010, 6:07 pm EST
    NEW YORK (AP) -- General Motors Co. CEO Ed Whitacre will receive a salary of $1.7 million this year, plus stock awards that will bring his total pay package to $9 million at a later date, the automaker said Friday.

    In a surprise announcement, GM also said former CEO Fritz Henderson has been rehired as a consultant. Henderson, who was forced out of the job in December, will work 20 hours a month and will be paid $59,090 a month, the company said.

    Whitacre's total compensation is larger than Henderson's when he was CEO. Henderson received a total pay package worth nearly $5.5 million.

    Whitacre's pay package includes a cash salary of $1.7 million that took effect Jan. 1. It also includes $5.3 million in stock awarded in increments starting in 2012, plus another stock award worth $2 million. The details, including the timing, of the $2 million stock award still need to be worked out, a GM spokeswoman said.

    GM is 60 percent owned by the federal government and has received $52 billion in federal aid. The company plans to repay as much of the money as possible by issuing stock to the public, possibly as early as this year.

    Initially named interim CEO by the board of directors in December, Whitacre was officially awarded the title in January. At the time, Whitacre, who is also chairman, said the main reason he was taking the job was to bring stability to the top of the struggling Detroit automaker.

    GM spokeswoman Renee Rashid-Merem said Whitacre's pay is higher than Henderson's because of his previous CEO experience.

    "Ed is a long-serving veteran CEO and chairman, and while his package is higher than Fritz's, it is significantly lower than that of our peer companies," Rashid-Merem said in an e-mail.

    Henderson's re-enlistment at GM marks a surprise return for the former CEO. Whitacre announced Henderson's retirement at a hastily called news conference on Dec. 1, the day before Henderson was scheduled to give the keynote address at the Los Angeles Auto Show. GM sent Vice Chairman Bob Lutz as a last-minute replacement.

    Henderson was tapped by the Obama administration to run GM last March after forcing out former CEO Rick Wagoner. He led GM through its record-fast bankruptcy, but his tenure was marred by some failed deals and weak sales.

    At the time, people close to Henderson said the board ousted him because it was upset the automaker was changing too slowly. Henderson, for his part, was tired of all the second-guessing from the board, these people said.

    "I'm just wondering if Whitacre has re-evaluated a little bit," said Rebecca Lindland, auto analyst at the consulting firm IHS-Global Insight.

    Henderson and GM agreed on his return Thursday, GM said. His contract will run through Dec. 31.

    Whitacre, a former CEO of AT&T Inc., made $350,000 as chairman, but his salary as CEO had to be set by the board and approved by the U.S. government. GM said Whitacre will not receive any additional compensation as chairman.

    Whitacre's pay package exceeds the limits imposed on companies that have received U.S. government aid, but the an exemption was worked out with government pay czar Kenneth Feinberg, GM said.

    New GM Chief Financial Officer Chris Liddell will get a salary of $750,000 next year. He'll get up to another $5.45 million in stock starting in 2012 if GM successfully sells shares to the public, the company said in December.

    GM also is paying former Wall Street adviser Stephen Girsky $1.1 million a year in cash and company stock for his dual roles as board member and special adviser to Whitacre.

    AP Auto Writer Tom Krisher contributed to this report from Detroit.





    This is the part i really like :

    Whitacre's pay package exceeds the limits imposed on companies that have received U.S. government aid, but the an exemption was worked out with government pay czar Kenneth Feinberg, GM said.

    I only ask that you please get everyone you know with some sense to go out and vote this November.
    Last edited: Feb 22, 2010
  2. red14

    red14 Well-Known Member

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    Well, isn't that special?
  3. hogger129

    hogger129 Active Member

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    So this is where all the bailout money went huh? I have great respect for the labor unions. They've really done alot for labor in the last century. But as far as the UAW, they hurt business more than they help it. The bailout money, as far as I knew, was intended to give people jobs. Instead, the UAW sucked it up to pay pensions and it looks like to pay off big shots like this CEO that's getting $9,000,000. And the sad truth of it all is that it's all a scam. The government hands them the money because then the people that get the money will keep voting for the people that give bailouts. It's just a continual cycle of screwing the taxpayers and handing money out to people that pissed it away with poor business practices. Where are the bailouts to Ma & Pop shops that are hurting? My tax money shouldn't be paying off this CEO scumbag, it should be going to public services like fixing the dang pothole down the street or to buy salt or sand for the snow plows that run out of it every year. But nope. It goes to line the pockets of people that smile through their teeth to get elected then stab ya in the back.
    Last edited: Feb 22, 2010
  4. ponycar17

    ponycar17 Active Member

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    You do realize that these guys are chump change in the grand scheme of things and stories like this just distract us from the REAL fortunes being made behind the scenes at our expense?... :confused: Stories like this only help to encourage class envy, which distracts us from the fact that we're all being screwed behind the scenes. :eek:
  5. cycloneman

    cycloneman Well-Known Member

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    Yes but every story must be told and retold. In fact you and I have a duty to copy and send this to everybody we can. You have to show them for what they are. You have to be dedicated to removing them from office and working as hard as possible to be the force. it matters
  6. Bobitis

    Bobitis Guest

    Obombanomics 101.
    Appointees 101.

    You guys didn't go to school?:eek:

    And the left complains about GW.:rolleyes:
  7. Bill DeShivs

    Bill DeShivs Well-Known Member

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    I don't see our socialist-in-chief complaining about the salaries that professional athletes get!
  8. Terry_P

    Terry_P New Member

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    I wouldn't take that job for $1.7 million (the rest is undoubtly restricted stock options). Having to deal with the prima donnas in the UAW and the Obozo administration. Keep it. Not worth it.
  9. ponycar17

    ponycar17 Active Member

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    That's what I mean Terry_P. This is a distraction. CEOs make their money but it's all chump change to those who are really sticking it to us. :mad:
  10. dpanc60

    dpanc60 Former Guest

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    very insightfull,
    i bet anyone here to not take that money....any takers??
    i would take that money in a n.y. minute,and i wager to say if you wouldnt..your a liar...that is why i love capitalism..
    thats the way the game is played..if you dont like it..go with the commies.xxx..people everyday mark up product..every store owner,etc,,that is the idea..tooo make money..what xx is wrong with that?
    if it is wrong to profit..then i am living in the wrong country.
    Last edited by a moderator: Mar 5, 2010
  11. cycloneman

    cycloneman Well-Known Member

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    Some have missed one of the points here. Let me outline it again.

    "Whitacre's pay package exceeds the limits imposed on companies that have received U.S. government aid, but the an exemption was worked out with government pay czar Kenneth Feinberg, GM said."

    By the way 60K for 20 hours of work aint bad. In fact for 20 hours a month why even show up. I kinda think he doesn't.
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