General Motors Give CEO 41% Raise
GM CEO Rick Wagoner reduced annual costs by $9 billion in the past two years,
persuaded more than 34,000 union workers to leave; got $47 billion in health care liabilities under UAW contracts off the books;
and negotiated a contract that trims pay for future workers in half.
Today, GM the world's largest automaker, announced it is cutting production by more than 100,000 trucks annually at four plants in the U.S. and Canada.
The automaker is idling shifts after North American sales fell 10% in the first quarter.
The latest cuts will come in addition to the 12 North American locations Wagoner said he intends to close by the end of this year.
2007 was a year when GM posted a record loss and its domestic sales declined to the point where Toyota was briefly #1 in the US.
U.S. sales of GM cars and light trucks fell 6% last year, more than double the industry's 2.5% decline.
GM's shares fell 19% percent last year and have dropped 14% this year.
GM posted a record loss of $38.7 billion last year; after posted losses of $1.98 billion in 2006 and $10.4 billion in 2005.
Wagoner's total compensation for 2006 was $10.2 million. How did GM greet Wagoner and his executive teams performance?
By raising his total compensation 41% to $14.4 million in 2007,
The increase was mainly because of incentive-plan payments and a boost in the value of his pension.
Vice Chairman Bob Lutz, 76, head of product development, got $6.89 million in compensation.
Chief Operating Officer Fritz Henderson, 49, received $7.61 million in compensation.
persuaded more than 34,000 union workers to leave; got $47 billion in health care liabilities under UAW contracts off the books;
and negotiated a contract that trims pay for future workers in half.
Today, GM the world's largest automaker, announced it is cutting production by more than 100,000 trucks annually at four plants in the U.S. and Canada.
The automaker is idling shifts after North American sales fell 10% in the first quarter.
The latest cuts will come in addition to the 12 North American locations Wagoner said he intends to close by the end of this year.
2007 was a year when GM posted a record loss and its domestic sales declined to the point where Toyota was briefly #1 in the US.
U.S. sales of GM cars and light trucks fell 6% last year, more than double the industry's 2.5% decline.
GM's shares fell 19% percent last year and have dropped 14% this year.
GM posted a record loss of $38.7 billion last year; after posted losses of $1.98 billion in 2006 and $10.4 billion in 2005.
Wagoner's total compensation for 2006 was $10.2 million. How did GM greet Wagoner and his executive teams performance?
By raising his total compensation 41% to $14.4 million in 2007,
The increase was mainly because of incentive-plan payments and a boost in the value of his pension.
Vice Chairman Bob Lutz, 76, head of product development, got $6.89 million in compensation.
Chief Operating Officer Fritz Henderson, 49, received $7.61 million in compensation.
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