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http://biz.yahoo.com/rb/080425/gm_ceo.html?.v=1

DETROIT (Reuters) - General Motors Corp (NYSE:GM - News) Chief Executive Rick Wagoner's salary and other compensation rose 64 percent in 2007 to about $15.7 million, mainly due to option grants, according to a proxy filed on Friday.

The GM compensation committee cited significant progress over the past few years in reducing the automaker's health care cost burden, increasing growth internationally and improvements in its cars and trucks in the 2007 awards to executives.

Wagoner's compensation rose from about $9.57 million in 2006. The figure was arrived at based on Wagoner's salary, all other compensation and the basis of annual grants.

GM paid Wagoner a salary of $1.6 million in 2007, along with $1.8 million in non-equity incentive compensation and nearly $700,000 for other compensation that includes insurance benefits, security, aircraft expenses and other factors.

GM, which reported a record $39 billion net loss in 2007, released the figures in a proxy statement on Friday afternoon that was filed with the Securities and Exchange Commission.

The automaker, which has been restructuring, reached a contract in 2007 with the United Auto Workers that has permitted buyouts for its UAW hourly workers, a second-tier wage for new hires and a plan that will push billions of health care obligations into a union-aligned trust.

Wagoner had accepted a reduced base salary in 2006 and 2007 and only about 16 percent of his compensation is guaranteed.

Fritz Henderson, who was promoted to president and chief operating officer in March, the No. 2 spot behind Wagoner, received compensation of about $9.3 million in 2007, up from about $5.1 million in 2006.

Vice Chairman Bob Lutz's compensation rose to about $9 million in 2007, from about $5.1 million in 2006.
 

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I wonder how Wagoner's pay compares to Toyota execs?
In 2005 right before all the union battles began he made more than the top 9 Toyota executives combined. The union used this as one of their points that it's not only their compensation that is a factor. So in typical fashion Wagoner lowered his salary drastically to show that he "cared" about the future of GM only to show his true colors the second the major union contracts went in GM's favor. Just wait until GM actually starts making some money, it will be obscene.
 

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In 2005 right before all the union battles began he made more than the top 9 Toyota executives combined. The union used this as one of their points that it's not only their compensation that is a factor. So in typical fashion Wagoner lowered his salary drastically to show that he "cared" about the future of GM only to show his true colors the second the major union contracts went in GM's favor. Just wait until GM actually starts making some money, it will be obscene.
In all fairness to Wagoner, he still gets paid way less than other American CEOs who run such large companies. Hell, there have been CEOs that made waaaaaay more than Wagoner just to run their company into the ground. This is a American CEO compensation issue, not a problem with Wagoner specifically.
 

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In 2005 right before all the union battles began he made more than the top 9 Toyota executives combined. The union used this as one of their points that it's not only their compensation that is a factor. So in typical fashion Wagoner lowered his salary drastically to show that he "cared" about the future of GM only to show his true colors the second the major union contracts went in GM's favor. Just wait until GM actually starts making some money, it will be obscene.
If this turnaround continues, and Wagoner continues to support advanced work like the Volt, then he is worth every penny.
 

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This is ridiculous. No one man deserves that much money while everyone else takes pay cuts and the company still has not made money.
 

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In all fairness to Wagoner, he still gets paid way less than other American CEOs who run such large companies. Hell, there have been CEOs that made waaaaaay more than Wagoner just to run their company into the ground. This is a American CEO compensation issue, not a problem with Wagoner specifically.
In fairness to Wagoner? I never said he was the only american CEO with obscene compensation. I just can't believe so many people support this type of compensation and then turn around and cry about a disappearing middle class in America. You can't have it both ways because when CEO's get obscene compensation it comes out of the pockets of the middle class. Also let's not act like Wagoner is some savior. He happens to be the CEO when the light has finally come on at GM and they have realized that, as a company, they can no longer count on people buying a GM because it is a GM.

It can't get much more obvious than seeing your market share erode at a startling pace that you are not gaining new customers producing the same old out of date bottom of the class cars. At that point it's not really brain science that tells you that you better start putting out your best efforts into producing the best possible car each and every model year. Stagnation is over. He happened to be in the right place at the right time.
 

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Re: Hmmm, just how broke is GM?

Why don't you go do your flag waving over in the Union section?? Either that or go look at the comp packages for some of the CEOs on Wall Street or Big Oil? :rolleyes:
 

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Re: Hmmm, just how broke is GM?

This is the way top executives are paid. When they accomplish something extraordinary they get extraordinary bonuses. Let's review a few items from last year..

GM comes to a landmark agreement with its unions and offloads billions in liabilities that were bleeding it to death. It made GM a viable long term company again instead of a wounded deer on an African plain. For this alone the owners of GM, the shareholders, owe their entire investments to Wagoner & Co.

GM again comes out with a couple of class leading vehicles. ( Lutz )

GM jumps ( finally ) into the real world of hybrids. ( Lutz )

GM's
 

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Re: Hmmm, just how broke is GM?

Executives in America make more then they probably should make, I mean the ones who are actually making the money for the company are the engineers, the designers, the assembly line workers, etc....... yet they are getting their pay cut and many of them are loosing their jobs.
 

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Re: Hmmm, just how broke is GM?

Executive compensation is the basic prisoners' dilemma from game theory. Sure every company would be better off if everyone lowered total compensation numbers, but who will be the first? If a company say's hey, we're going to charge our executive less than the market rate, they will leave, and the company will be left with bottom dwellers and profits will inevitably suffer.
 

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Re: Hmmm, just how broke is GM?

Find another executive who'd be willing to run GM for that pay. Not many I bet, especially not 5 years ago when it was all doom and gloom. And remember, most of that "pay" is actually stock which may well be worth nothing. Go ask folks in Silicon Valley who have options underwater to comprehend how worthless some of those "stock grants" can be.
 

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Re: Hmmm, just how broke is GM?

Why don't you go do your flag waving over in the Union section?? Either that or go look at the comp packages for some of the CEOs on Wall Street or Big Oil? :rolleyes:
That is the first response I knew I'd get. I said nothing about the Union yet you bring it up. I'm looking at the overall company not just the "Bloodsucking Union". Look at the total picture guys. These guys are more of a drain on this company than they get credit for. We compare American assembly line workers money to the money Chinese/Mexican workers make but nevermind the CEO's money.

The problem with most people on this site is they are either big Union hating bashers or management bashers that think it should only be the way they see it. I'm for cutting all the way down the line, not just the lowly line workers and floor management guys. Don't get mad at me for pointing out waste on both side of this thing. I'm looking at both sides guys.

http://www.usatoday.com/money/autos/2007-10-09-auto-exec-pay_N.htm
 

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Re: Hmmm, just how broke is GM?

i think executives all over the world make decent money, unless your a commy, but its been like this since the beginning of time, class systems
 

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Re: Hmmm, just how broke is GM?

If you think this is unfair, ask Allan Mulally over at Ford. He got $28 Million for joining up. GM salaries are small by comparison.
 

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Re: Hmmm, just how broke is GM?

If you think this is unfair, ask Allan Mulally over at Ford. He got $28 Million for joining up. GM salaries are small by comparison.
Exactly.....and Ford is still in 2nd place.....
 
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