This One Is For The Gipper: GM Chief Executive Agrees To A 25% Pay Cut

General Motors Corp. Chief Executive Rick Wagoner has cut his base salary by a quarter to $1.65 million in a gesture of support for the automaker's turnaround efforts, the company said on Friday.

In a filing with the Securities and Exchange Commission, GM said Wagoner agreed to cut his base salary as of March 1, 2007 from $2.2 million in January 2006.

Wagoner's total compensation for 2006 was $10.2 million, including $3 million in option awards and $3.6 million in stock awards, the filing said.


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S4cabriofoxone - 4/30/2007 10:57:06 AM

+2 Boost

I'd still take his salary any day of the week.

EnnNorak - 4/30/2007 1:07:25 PM

+1 Boost

Did he have a contract? Was this according to some terms of compensation based on performance? The salary he is getting is peanuts for the awesome responsibility he has for GM's well-being.

indifferent - 4/30/2007 3:49:36 PM

0 Boost

i thought it was a voluntary pay cut.
well, whatever it was, its nice that is took the cut until GM becomes profitable. Just as nice as Bill Ford.

rom64 - 4/30/2007 8:56:21 PM

+2 Boost

What are you talking about? Bill Ford ran Ford down to the ground! ('Way Forward Plan?' I lost count how many times that was pushed back). And replacing his position as CEO with Mullaly (who accepted a $39 million bonus for just 4 months of work) is clear evidence that FoMoCo is running blind with $$ signs in their eyes.