President Barack Obama on Wednesday imposed a $500,000 cap on senior executive pay for most of the financial institutions receiving taxpayer bailout money. He promised that new steps that will be taken to end a system that rewards “executives being rewarded for failure.”
All of the Detroit 3 automakers have accepted $1 dollar salaries while their companies receive bailout money and until they show profit. However, it’s interesting to see how much Detroit executives like Rick Wagoner, Bob Nardelli and Alan Mulally made in 2008 and what type of cuts they’ll be facing in 2009.
Check out Detroit Free Press’s data after the jump.
General Motors Corp.
Rick Wagoner, chairman and chief executive: $2.2 million in 2008, $1 in 2009
Fritz Henderson, president: $1.8 million in 2008, 30% cut for 2009
Bob Lutz, vice chairman: $1.75 million in 2008, 20% cut for 2009
Tom Stephens, executive vice president: $1 million in 2008, 20% cut for 2009
Gary Cowger, group vice president: $900,000 in 2008, 20% cut for 2009
Note: GM said in December the executives below Wagoner would take a 50% cut in total compensation in 2009, with no bonuses in 2008 or 2009.
Ford Motor Co.
Alan Mulally, chief executive: $6 million in 2007, $2 million base salary for 2008
Don Leclair, chief financial officer: $1.9 million in 2007
Mark Fields, executive vice president: $2 million in 2007
Lewis Booth, executive vice president: $1.4 million in 2007
Michael Bannister, executive vice president: $1.1 million in 2007
Notes: Leclair retired and was replaced by Booth in 2008. Ford said the four executives below Mulally would receive a salary increase in 2008.
Chrysler LLC is a privately owned company and not required to publicly disclose financial information.
Source: Detorit Free Press