GM restores Wagoner's base salary

GM must really be doing very well (?)
GM restores Wagoner's base salary http://www.autonews.com/apps/pbcs.dll/article?AID=/20080306/ANA02/316599910/1128
DETROIT -- The General Motors board has restored CEO Rick Wagoner’s base salary to its 2003 level of $2.2 million.
That represents a 33 percent increase over Wagoner’s projected 2007 salary of $1.65 million. Wagoner received $2.2 million in annual base salary from 2003 until 2006, when he took a major cut to $1.28 million.
The GM board announced Wagoner’s 2008 salary in a filing with the U.S. Securities and Exchange Commission earlier this week.
The board also agreed that Wagoner would get a cash payout of up to $3.52 million under GM’s Annual Incentive Plan if the company achieves a target level of performance. Since it is tied to performance, Wagoner could get all, some or none of that amount.
He will receive 165,563 shares as part of the company’s long-term incentive plan in 2008, as well as 500,000 stock options and 75,000 restricted stock units, the board announced.
In addition, Wagoner will get a performance-contingent stock option grant of 500,000 shares at $23.13 per share. The shares will vest if GM’s stock reaches $40 per share before March 5, 2013 and stays at that price for 10 days within 30 consecutive trading days.
GM stock closed Thursday at $22.35 a share on the New York Stock Exchange, down 62 cents or 2.70 percent in a down day on Wall Street.
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Civis Romanus Sum

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That is exactly what they want you to believe. You can fool everyone once You can some people all the time You can not fool everyone all the time but some people obviously give it a try when everything else fails. It must be going really awful
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wrote:

Why don't you and Higgins get a room, and leave the group?
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80 Knight wrote:

Wagoner doesn't work for GM?
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That explains a lot
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You can be bankrupt, and the CEO can be dragging down megabucks.
I watched a little of the Waxman committee hearings today.
It is really a double edged sword. Some CEO's may be worth these megasalaries, and others are probably not worth the tar and feathers it would take to "dress" them.
Unfortunately, the real owners of the companies - the stockholders - dont seem to have much say about their level of confidence in these guys, and the compensation they should get.
I am not at all sure the government needs to get involved in most of these cases. (The guv cant get anything right anyway)
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HLS wrote:

Here are more examples, the sub-prime CEOs defending their megabuck Golden Parachutes: http://money.cnn.com/2008/03/07/news/newsmakers/ceo_pay/index.htm?postversion 08030716
Given the current oil prices, mortgage defaults, long term vehicle loans, etc. GM is in for an exceedingly rough year with the wrong product mix at the wrong time-pay the CEO even more. Wonderful logic.
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http://www.thetruthaboutcars.com/editorials/general-motors-death-watch-166-the-unaccountable-accountant /
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