OK, not exactly the same. GM’s CEO Fritz Henderson will earn $1.26 million this year, according to New GM SEC filings obtained by the Freep. That’s 27 percent less than he earned in 2008, but a whole lot more than the $1/year that ousted CEO Rick Wagoner was forced to accept. CFO Ray Young will earn $720,000, a 15 percent pay cut. GM’s controller Nicholas Cyprus will take home $522,000, which is eight percent less than he earned last year. Board members will earn $200,000 as a base retainer, plus, if applicable, $10,000 for service as a chair of any board committee; $20,000 for service on the audit committee, and $150,000 as board chairman. That’s unchanged from pre-bailout levels, before GM’s board was also forced to take $1/year as a bailout condition. In other words, the Iaccoca act of the last nine months was just that: an act. Because paying executives is more important than paying back taxpayers. Meanwhile, AutoObserver notes that the executives in charge of winding down old GM will be making $835/hr and $555/hr. Good times.
base pay at GM should be $100,000. above that only a percentage of profitability. pay for performance. if you don’t perform, hit the road!
Take away dealers way to earn money and put 150,000 dealership employees out of work. And then pay yourselves hadnsomely with taxpayer money…
Way to go Fritz.
Ah, corparatism at its best. Take a sprinkling of capitalism (reward for success), add some select cuts of communism (reward whether you succeed or fail epically) and coat liberally with lobbying, influence mongering and a network of old boys at the top all working to maintain the status quo.
Can’t we find some Japanese guys for this kind of money?
The top 40 or so GM execs don’t need to have their pay cut, they need to be stood up in front of a wall and shot.
Board members will earn $200,000 as a base retainer, plus, if applicable, $10,000 for service as a chair of any board committee.
That’s gotta be the sweetest job in American industry. In the Old GM, their only visible function was to track GM’s progress as it circled the bowl, and occasionally pat Rick Wagoner on the back for a job well done. Now they still do nothing because the PTFOA calls all the shots.
Whose palm in the Obama Administration do I have to grease to get in on this?
This must be the altimate in greed. For $200,000 a year you close your eyes and let the ceo run the company down the drain. Have any- all of the bod been replaced?
While I’m not defending their salaries, it should be noted that Henderson is making 27% less as the CEO than he did as the CFO. Under normal circumstances a CFO-to-CEO promotion comes bundled with a hefty raise.
It’s worth the $2 billion a week Bail Out just for these pictures of Fritz.
He’s absolutely the perfect man to lead GM. He looks like a basically stupid man, but his smug expression let’s everyone know he’s still making more money than the rest of us.
Classic Corporate Finance type. Stupidest person in the meeting but still the one calling all the shots. A dork who runs things.
@Dynamic88: Harsh, not necessarily unfair, but just the same, harsh.
Am I the only one who thinks ol’ Fritz looks like a serial killer?
Am I the only one who thinks ol’ Fritz looks like a serial killer?
Corporate Finance people have a lot in common with Serial Killers – lack of empathy/affect, sociopathic lack of ethics/morality. Serial Killers usually also have a certain amount of charisma and intelligence, which isn’t especially prevalent among Corporate Finance types.
“Buickman :
base pay at GM should be $100,000. above that only a percentage of profitability. pay for performance. if you don’t perform, hit the road!”
Yeah, that should help get the cream of the crop working there! *roll eyes*