Unlike former CEO Rick Wagoner, Henderson won’t be getting a $1 salary as GM stated when it won a $13.4 billion loan from the U.S. government in December 2008.
Henderson said today that while he is now CEO of General Motors, his pay has not changed from his former position as GM president and chief operating officer. As a part of the automaker’s turnaround plan, Henderson’s $1.8 million salary was reduced 30 percent to $1.3 million – and that is the amount he will get as CEO.
“I am basically today where I was Thursday,” Henderson said. “That”s where I am today.”
Interestingly, Henderson said that Wagoner still remains an employee of GM but will not be consulting him on any decisions.
Henderson said that if GM receives any additional aid from the U.S. government his salary will be limited to $500,000 along with other executives. Anything on top of the $500,000 would come in the form of the company’s stock, which shareholders will have the right to vote on the package.
– By: Omar Rana
Source: Free Press