Monday, February 22, 2010
GM chief to get $9m pay package
General Motors (GM) has said chief executive Ed Whitacre will get an annual salary of $1.7m (£1.1m), plus $7.3m in shares at a later date.
The pay package was approved by the US Treasury, which spent billions of dollars bailing out the carmaker last year and now owns a large stake in it.
GM also said Mr Whitacre's predecessor, Fritz Henderson, is being paid $59,090 a month as an adviser.
Mr Whitacre took over as interim chief executive in December last year.
Last month, he was officially confirmed in the position on a permanent basis. He is also chairman of GM.
Mr Whitacre was appointed chairman by the US administration last year, having previously run telecoms company AT&T.
His salary compares favourably with that of his predecessor. In an agreement reached last October with the US government, Mr Henderson's pay was cut by 25% to $950,000, about half of what he made in 2008.
DATED: 22.02.10
FEED: GG