General Motors Company’s CEO Fritz Henderson will see his annual salary cut by 25 percent as a part of Obama’s pay reduction for the top 175 executives at seven companies that received significant federal bailout money. Fritz’s annual salary will fall to $950,000 a year.
The U.S. Treasury did not identify the top earners at each company but a source familiar with the matter said that Fritz is the most highly paid GM executive, reports Automotive News.
Fritz, who was COO of GM until last year, will get $4.2 million in stock salary and long-term restricted stock. Before the pay changes, Henderson’s yearly salary come in at $1.3 million.
Former GM CEO Rick Wagoner received $5.5 million in 2008, including a $2.1 million salary. He made $14.1 million in 2007.
– By: Omar Rana