Page last updated at 23:42 GMT, Friday, 19 February 2010

General Motors boss Whitacre to receive $9m pay package

GM boss Ed Whitacre
Mr Whitacre will receive considerably more than his predecessor

General Motors (GM) has said chief executive Ed Whitacre will get an annual salary of $1.7m (£1.1m), plus $7.3m in shares at a later date.

The pay package was approved by the US Treasury, which spent billions of dollars bailing out the carmaker last year and now owns a large stake in it.

GM also said Mr Whitacre's predecessor, Fritz Henderson, is being paid $59,090 a month as an adviser.

Mr Whitacre took over as interim chief executive in December last year.

Last month, he was officially confirmed in the position on a permanent basis. He is also chairman of GM.

Mr Whitacre was appointed chairman by the US administration last year, having previously run telecoms company AT&T.

His salary compares favourably with that of his predecessor. In an agreement reached last October with the US government, Mr Henderson's pay was cut by 25% to $950,000, about half of what he made in 2008.

Collapsing sales during the economic downturn forced GM to turn to the US government for aid, but this could not prevent it entering bankruptcy protection in June last year.

It emerged from bankruptcy one month later, with the US government owning a 62% stake in the company.

In total, GM received some $60bn in government loans.



Print Sponsor


RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2013 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific