Shareholders mad at Wagoner's on huge salary and bonuses

While GM is shutting down plants and leaving many workers jobless, CEO Rick Wagoner’s base salary for 2008 went up to $2.2 million from $1.65 million in 2007. His total compensation in 2007, including base salary, stock awards, options and other income, was $14.4 million as reported by GM ($15.7 million according to Associated Press).

Shareholders are now speaking out. At yesterday’s annual meeting, shareholders blasted CEO Rick Wagoner for taking in huge salaries and bonuses while GM struggles financially. Investors defeated a proposal under which at least 75 percent of future stock option and restricted stock awards for senior execs would be tied to how GM...
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NItePhire - 6/4/2008 2:30:52 PM

+5 Boost

So whats new? American business as usual. You see it all the time. Company sinking, CEO gets big salary. Wage workers get laid off, CEO gets bonus for losing money.

AMiodynski - 6/4/2008 2:45:50 PM

+5 Boost

That's the American Way !!!!

cRacKhEaDaLLeY - 6/4/2008 2:55:11 PM

-4 Boost

Obama will stop this!

randy33 - 6/5/2008 2:17:22 AM

+1 Boost

stop what? shareholders from speaking out?

you people are creepy.

GodfatherSHM - 6/4/2008 3:15:00 PM

+2 Boost

How will Obama stop this? You can't stop it, its a free market economy. That is the most worthless comment i have seen in a while, and their have been some pretty worthless comments before.

Paying Wagoner that is probably better than paying what his severence would be if they fired him. I too hope one day to drive a company into the ground and then get paid loads of money to leave, someday!!

NItePhire - 6/5/2008 11:38:58 AM

+1 Boost

Figuratively speaking he would probably get about 300million if he was fired.

MeanVulcan - 6/5/2008 10:46:51 AM

0 Boost

How is he supposed to live a basic life with barely $15 Million in total compensation, after all, he needs to cover for inflation.

Also, since when does GM increase pay for performance. Ethical behavior starts at the top so its no wonder their vehicles sales reflect that (big decline in sales year over year).