GM must really be doing very well (?)
GM restores Wagoner's base salary
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.