Let the SOB's go down the tubes or give me a part time job there I'd only
work 10 hours a month
NEW YORK (AP) - General Motors Co. CEO Ed Whitacre will receive a salary of
$1.7 million this year, plus stock awards that will bring his total pay
package to $9 million at a later date, the automaker said Friday.
In a surprise announcement, GM also said former CEO Fritz Henderson has been
rehired as a consultant. Henderson, who was forced out of the job in
December, will work 20 hours a month and will be paid $59,090 a month, the
Whitacre's total compensation is larger than Henderson's when he was CEO.
Henderson received a total pay package worth nearly $5.5 million.
Whitacre's pay package includes a cash salary of $1.7 million that took
effect Jan. 1. It also includes $5.3 million in stock awarded in increments
starting in 2012, plus another stock award worth $2 million. The details,
including the timing, of the $2 million stock award still need to be worked
out, a GM spokeswoman said.