GMAC doubles its CEO’s compensation to $11.62 million in 2008

Warning: This may anger some of you that don’t support the automotive industry bailout. According to Reuters, auto financier GMAC awarded its CEO Alvaro de Molina $11.62 million of compensation in 2008. GMAC received $6 billion in federal bailout in December.

The $11.62 compensation doubles de Molina’s compensation in 2007. He received a $1.2 million salary, $5.81 million in stock awards and $4.8 million in “other” compensation. Molina’s compensation in 2007 was $4.93 million, reports Automotive News.

GMAC has reported operating losses in recent quarters in its auto and mortgage units. The company received a bank holding company status which allows it to get lower-cost funding. Molina’s compensation was detailed in a summary filed with the U.S. Securities and Exchange Commission.

6 thoughts on “GMAC doubles its CEO’s compensation to $11.62 million in 2008

  • February 27, 2009 at 3:52 pm
    Permalink

    GM has a 49% stake in GMAC. The other 51% is owned by Cerberus which owns 80% of – wait for it – Chrysler.

    Just about a month or so ago, GMAC was fighting for its life and was trying to get bank status from the FDIC so that it could get access to TARP funds.

    Rick Wagoner and Steve Feinberg of Cerberus thought that this was a good move?

    Looks like GM's and Cerberus' judgment continues to be impaired and there is no relief in sight.

  • February 27, 2009 at 3:55 pm
    Permalink

    they are all a bunch of stupids in Detroit…that's it

  • February 27, 2009 at 5:46 pm
    Permalink

    regardless of the current global economic impact, these big-wigs are ultimately responsible for their companies' well-being. that's part of what they signed up for. bailout? so be it (i guess). BUT, these idiots should be removed regardless.

    LOUSY formula: company under-performs; announces layoffs; compensates the old-regime…

    in sports, if you don't perform, the head coach/GM gets axed. same for these 'old-farts'. bring in fresh, strong, innovative leadership (they're out there).

  • February 27, 2009 at 11:52 pm
    Permalink

    GM has a 49% stake in GMAC. The other 51% is owned by Cerberus which owns 80% of – wait for it – Chrysler.

    Just about a month or so ago, GMAC was fighting for its life and was trying to get bank status from the FDIC so that it could get access to TARP funds.

    Rick Wagoner and Steve Feinberg of Cerberus thought that this was a good move?

    Looks like GM's and Cerberus' judgment continues to be impaired and there is no relief in sight.

  • February 27, 2009 at 11:55 pm
    Permalink

    they are all a bunch of stupids in Detroit…that's it

  • February 28, 2009 at 1:46 am
    Permalink

    regardless of the current global economic impact, these big-wigs are ultimately responsible for their companies' well-being. that's part of what they signed up for. bailout? so be it (i guess). BUT, these idiots should be removed regardless.

    LOUSY formula: company under-performs; announces layoffs; compensates the old-regime…

    in sports, if you don't perform, the head coach/GM gets axed. same for these 'old-farts'. bring in fresh, strong, innovative leadership (they're out there).

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