GM CEO Whitacre receives $9M pay package

[Synicus Maximus]

Source: AP

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.

Read more: http://finance.yahoo.com/news/GM-CEO-Whitacre-receives-9M-apf-362235582.html?x=0&.v=5

[LiberalFighter]

1. If they didn't want him as CEO then why would they want him as a consultant?

Makes no sense.

GM is reverting back to their old ways.

[Cass]

2. $59,090 for 20 hrs of work per month.

Man, I sure chose the wrong career. It is very hard to wrap my brain around salaries like this.

[warm regards]

3. Yeah, that is definitely a well paying government job.

[dencol]

10. I would LOVE to make that much in a year! n/t

[90-percent]

4. I would

I would just love to look at the tangible output of people like this.

Their business memos must be some of the best business writing in the history of humanity to command such compensation!

These people are paid like Gods. Their work should reflect their god-like talents.

-90% Jimmy
:sarcasm:

[jody]

5. "Let them eat cake" said the French princess and the people said "To the guillotine".

Are we there yet?

No, but we are getting very close.

[TwentyFive]

6. GM = The Original Crony Capitalist

GM is the original "Old Boy Network" company. This was the reason for the downfall of GM.

GM for years rode on brand loyalty, building cars that were 'average' at best. Ross Perot, Kirk Kerkorian and other self-made billionaires tried to shake things up...but management was more interested in feathering their own nests.

Looks like nothing has changed.

[Mopar151]

8. Indeed, read DeLorean's book

"On a clear day, you can see General Motors" Some things haven't changed at all. I spent yesterday with my car buddies, who have seen an awful lot of shenannigans in the business. Sometimes, the big differences in perception of quality have to do with luck in which corner was cut. or the nature of the failure. GM had bad camshafts, Ford had crappy wire connectors. The cost to repair or upgrade the Ford was much less - but the GM cam failures did'nt leave you stranded on the side of the road.

[dmr]

7. So, what are they doing for the auto workers? n/t

[aquart]

9. Because you just can't live on a million dollars a year.

Are any of these people still human?