GM restores CEO’s salary
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From Times Wire Services
General Motors Corp.’s board has voted to give Chief Executive Rick Wagoner a salary of $2.2 million this year.
The decision restores Wagoner’s pay to its pre-2006 level. Wagoner had taken a pay cut as part of the Detroit automaker’s turnaround plan.
The board also voted to give GM’s new President and Chief Operating Officer Fritz Henderson a salary of $1.8 million.
Both men were granted shares of GM stock and will make additional money if they meet certain internal targets. GM lost a record $38.7 billion in 2007, largely the result of a charge for unused tax credits.
