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GM raised the salary of Rick Wagoner, the Chief Executive, ending his self-imposed cut on the payment since 2006. As we know, Bill Ford is fighting a same move from Ford`s management. The salary for Wagoner has been raised now back to $2.2 million, with 33 percent increase, for this year, which is the same amount that was in 2005, the year before the salary cut went in effect, GM affirmed Thursday.
This 55-year-old executive has cut his base salary with 50 percent in 2006, and then made it smaller, a 25 percent cut for 2007 after General Motors posted $10 billion loss in attempt to be helping the company in its efforts, according to The Detroit News. So, in 2006, Wagoner鈥檚 basic salary was of $1.3 million. Since then, has managed to save General Motors $9 billion, negotiating a money-saving deal with UAW and oversee a revival of product.
GM has now a long way to go, but, as 2007 saw the largest automaker in the world with an almost $39 billion net loss. Unite States sales last year got down by 6 percent.
The board of directors at GM decided Wagoner is eligible now for another $3.5 million in incentives plus shares of General Motors stock if the targets are met. There鈥檙e millions tied up in some other options, common stock plus stock grants for paying out for the next five years.
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