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 company said.
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.
GM is 60 percent owned by the federal government and has received $52 billion in federal aid. The company plans to repay as much of the money as possible by issuing stock to the public, possibly as early as this year.
Now let me see. GM had to be bailed out or go under and now the new boss is just like the old boss.
Over paid beyond belief.
And to make it worse, the new boss needs the old boss to tell him what to do at a rate of $3000 an hour...
This is pure embarrassment to free enterprise. It is pure crap.
And it is a prime example of how the people at the top are being protected.
With the single exception of a '92 Ford Ranger I have driven GM for 30 plus years
I am done with'em. My next car will be a Ford, Japanese or Korean product.
On Twitter I am Lesabre1