After an abysmal 2005 where GM lost over $10 billion, CEO Rick Wagoner received a sizable
pay cut from $2.2M to $1.28M. Yeah, we know, cry him freakin' river. The General's relative success of late, however, has convinced the board that Wagoner deserves to have his annual pay restored to the $2.2M he made from 2003-2005. While $2.2M is certainly a lot of coin, it's a drop in the bucket compared to what many CEOs are making these days.
GM is making up for Wagoner's meager pay by bolstering his portfolio with 165,000 shares, 500,000 stock options, and 75,000 restricted shares. If GM hits some pre-determined goals, the CEO will also receive up to $3.53 million in cash, and if GM shares hit $40 a share by 2012, the Duke grad will get an additional 500,000 stock options. With Wagoner's background in
finance, we're sure he knows that all adds up to a nice chunk of change.
[Source:
Automotive News, sub. req'd]
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