Karbin wrote:
Posted by Dee-Ann Durbin | The Associated Press March 06, 2008 17:19PM
DETROIT (AP) -- General Motors Corp. said Thursday that Chief Executive Rick Wagoner will earn a salary of $2.2 million in 2008, restoring his base pay to the level it was before he took a 2006 pay cut as part of the company's turnaround plan.
GM said its board of directors, which met Monday, also voted to give the company's new president and chief operating officer, Fritz Henderson, a salary of $1.8 million.
The board's action restores Wagoner's salary to the level it was from 2003 to 2005. Wagoner took a pay cut in 2006, and his salary was $1.28 million that year. GM will release Wagoner's 2007 pay level later this spring.
Both Wagoner and Henderson also were granted shares of GM stock and will make additional money if they meet internal targets for earnings, cash flow, market share and quality and warranty performance, GM spokeswoman Julie Gibson said. Gibson wouldn't reveal what those specific targets are.
Wagoner is eligible for up to $3.5 million in incentive payments and a grant of 165,563 shares of GM stock if he meets the internal targets. He will also receive 500,000 stock options that will vest over three years and 75,000 restricted stock options that will vest in three to five years.
Henderson is eligible for up to $2.4 million in incentive payments and a grant of 110,376 shares of GM stock, in addition to 250,000 stock options and 60,000 restricted options.
GM's board also voted to give Ray Young, who is replacing Henderson as executive vice president and chief financial officer, a base salary of $900,000, with an incentive payment worth up to $945,000 and 16,557 shares of GM stock. Young was also awarded stock options.
GM lost a record $38.7 billion in 2007, largely due to a charge for unused tax credits. Excluding the charges and other one-time items, the company lost $23 million. That was down from a profit of $2.2 billion in 2006.
Now....In the face of this your blaming the U.A.W and the wages at.El paided to their members.... Me smells something foul with that.
Toyota has next to no retirees to pay in N.A.
From what I've been told they never will. Toyota doesn't have a group pension plan in the U.S.
They will match,per month, what you put into a 401k...... BUT..... 51% of the 401k MUST be invested in Toyota stock (Non-voting)
Can you say Enron?????
Last year Toyota paid it's 25 most senior executives a combined $33 million in salary and bonuses.
The entire Honda BoD receives around $13 million a year.
Some here will say the BoD of G.M and Ford should pay "What the market will bear" for the top talent.
But, when the U.A.W go's the same way........
"Greedy union" "Over-paid nut turning monkeys" "Company bankrupted by Union pay"
The U.A.W has already agreed to cut back wages and benefits BEFORE G.M. went to D.C. and are expected to cut more to match Toyota.
NEWS FLASH
Toyota just cut the hourly wage by another 2%
Just keep it up guys, keep pushing for the U.A.W. to play the "How low will you go" game.
I will laugh my ass off when it comes home and bites YOU in the ass with your job.
And YES.... I work for one of the Detroit three.
So Rick Wagoner gets 2.2 million dollars a year... and GM is doing very poorly and not selling any cars?
Are you saying that's a good thing?
I am all for a worker making a decent wage... and i even think unions would be ok... The problem is they are a bloated uncompetitive entity now...
The uaw is going to help the workers right out of a job...
Should the govt keep giving GM/Chrsyler 50 100 200 500 billion to make sure they survive despite the fact that they are for whatever reason not selling cars?
Ford isn't asking for a bailout? Should they be punished or praised or ?
