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GM CEO Wagoner Earned $12.8M in 2003
Associated Press - April 21, 2004

General Motors Corp. chairman and chief executive Rick Wagoner received $12.8 million in compensation last year, including stock options, as the company reinstated cash bonuses for all its top executives.

The world's largest automaker raised Wagoner's salary 10 percent to $2.2 million and awarded him a $2.9 million bonus, GM said in a proxy statement filed Wednesday with the U.S. Securities and Exchange Commission. He also received 500,000 stock options, currently valued at $4.3 million, plus $3.3 million in long-term incentives.

Chief financial officer John Devine and vice chairman Bob Lutz each earned $6.5 million in cash compensation, plus 200,000 stock options, currently worth $1.7 million.

Last year was the first time since 2000 that the carmaker's top executives received cash bonuses. In 2001 GM failed to meet its performance target, and in 2002 the top five executives opted for restricted shares instead of cash bonuses, spokesman Jerry Dubrowski said.

GM reported Tuesday that it earned $1.3 billion in the first quarter of 2004, beating Wall Street estimates despite a 13 percent decline from a year ago, when it gained from the sale of its defense business.

The company said its earnings for the January-March period amounted to $2.25 a share, compared with $1.5 billion, or $2.71 a share, a year ago. Wall Street analysts had forecast $1.79 a share.


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