General Motors chairman and chief executive Rick Wagoner received $US12.8 million in compensation last year, including stock options, as the company reinstated cash bonuses for all its top executives.
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According to Associated Press (AP), GM raised Wagoner’s salary 10% to $2.2 million and awarded him a $2.9 million bonus and he also received 500,000 stock options, currently valued at $4.3 million, plus $3.3 million in long-term incentives.
Chief financial officer John Devine and vice chairman Bob Lutz each earned $6.5 million in cash compensation, plus 200,000 stock options, currently worth $1.7 million, AP added.
The report noted that last year was the first time since 2000 that the carmaker’s top executives received cash bonuses – in 2001 GM failed to meet its performance target, and in 2002 the top five executives opted for restricted shares instead of cash bonuses.
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