GM CEO Whitacre receives $9M pay package

[jsharp]

http://hosted.ap.org/dynamic/stories/U/U...-02-19-18-07-05

By DAN STRUMPF
AP Auto Writer

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.
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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.

WOW

Just think what they'll be worth if they ever turn a profit...

 

[John_K]

Quote:
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.


So, as usual, it's a rule but it isn't.

And over 600 grand a year to work 20 hours a month! You gotta be kidding.

John

 

[Nick R]

Really, that isn't too awful high for a CEO, I can live with it. GM or not, he IS a CEO.

 

[jsharp]

Hey, Henderson is only making $2954.50 an hour. A guy has to eat right?

 

[Scienceman]

There are just giving money away they don't have.

 

[Nick R]

Originally Posted By: Troy_Built
There are just giving money away they don't have.


Wrong, they are PAYING their employees. Companies are not volunteer organizations. You wouldn't do your job for free, would you? If you went in and your boss told you that you weren't going to get paid... You would be very unhappy, am I mistaken?

 

[Scienceman]

Originally Posted By: jsharp
an exemption was worked out with government pay czar Kenneth Feinberg, GM said.





So, a Huge Company boss can do this but the regular American citizens can not?

Geeesssssssssshhhhhhhhhhh!

 

[jsharp]

Originally Posted By: Troy_Built
There are just giving money away they don't have.


You misspelled WE...

 

[Scienceman]

Originally Posted By: rudolphna
Originally Posted By: Troy_Built
There are just giving money away they don't have.


Wrong, they are PAYING their employees. Companies are not volunteer organizations. You wouldn't do your job for free, would you? If you went in and your boss told you that you weren't going to get paid... You would be very unhappy, am I mistaken?



Let me rephrase that

They are paying money they don't have.

 

[Scienceman]

Originally Posted By: jsharp
Originally Posted By: Troy_Built
There are just giving money away they don't have.


You misspelled WE...



Thats right.

They are paying more money than WE have.

 

[Nick R]

Originally Posted By: Troy_Built
Originally Posted By: rudolphna
Originally Posted By: Troy_Built
There are just giving money away they don't have.


Wrong, they are PAYING their employees. Companies are not volunteer organizations. You wouldn't do your job for free, would you? If you went in and your boss told you that you weren't going to get paid... You would be very unhappy, am I mistaken?



Let me rephrase that

They are paying money they don't have.


Obviously they do. Otherwise everyone working for GM would be working for free.

 

[Scienceman]

You are missing my point, I'm saying they are paying them to much.

 

[Scienceman]

Sorry Mods, I probally crossed the "political" line. Didnt mean to screw this up.

 

[EricF]

fritz's salary is a whole heck of a lot more than I make in a year.. and I bust my hump every single day like the rest of us.

 

[Quattro Pete]

Originally Posted By: rudolphna
Originally Posted By: Troy_Built
There are just giving money away they don't have.


Wrong, they are PAYING their employees. Companies are not volunteer organizations. You wouldn't do your job for free, would you? If you went in and your boss told you that you weren't going to get paid... You would be very unhappy, am I mistaken?

But you should not be getting paid (so much) to fix the mistakes/problems that you yourself have caused in the first place.

If I screw up, I fix it out of my own pocket. I don't ask my customer to pay for fixing of what I broke.

 

[cchase]

Originally Posted By: Quattro Pete
Originally Posted By: rudolphna
Originally Posted By: Troy_Built
There are just giving money away they don't have.


Wrong, they are PAYING their employees. Companies are not volunteer organizations. You wouldn't do your job for free, would you? If you went in and your boss told you that you weren't going to get paid... You would be very unhappy, am I mistaken?

But you should not be getting paid (so much) to fix the mistakes/problems that you yourself have caused in the first place.

If I screw up, I fix it out of my own pocket. I don't ask my customer to pay for fixing of what I broke.


Ed Whitacre didn't cause any mistakes/problems with GM. So I don't get it.

 

[Quattro Pete]

Originally Posted By: cchase
Ed Whitacre didn't cause any mistakes/problems with GM. So I don't get it.

Still, he's got a troubled company on his hands. They should speed up the payback of the money that we loaned them instead of transferring astronomical amounts to Ed's pocket.

 

[Win]

When someone brings me something someone else has botched, I charge double.

If I even want to handle it at all.

 

[LS2JSTS]

Not to start some class war or anything. But these are far from astronomical numbers being discussed here.

In comparison they are very small, another argument indeed. But look at some of the Wall Street bonus and compensation packages for people who do very little and employ NO ONE. Then you'll see some astronomical and unwarranted numbers IMO.

 

[Falcon_LS]

Chrysler opens a new plant in Mexico, GM pays stupid money to high end officials...what's changed? Maybe the bailout was a wrong move.