Coming out of bankruptcy known as the new General Motors Company, GM has filed its first public disclosure with the U.S. Securities and Exchange Commission. According to the filing, GM’s new board members will be paid a salary of $200,000 and if applicable, $10,000 for service as a chair of any board committee; $20,000 for service on the audit committee, and $150,000 as board chairman.
According to the spokeswoman Renee Rashid-Merem, the old GM was paid roughly the same salary before having its board member pay reduced to $1.
GM’s CEO Fritz Henderson will be paid $1.26 million in 2009, which is about 27% less than he made in 2008; CFO Ray Young will make $720,000, about 15% less than he made 2008; Controller Nicholas Cyprus will be paid $522,000, which is about 8% less than what he was paid in 2008.
The Obama administration put salary restrictions on General Motors as part of its conditions to help keep the company alive and viable.
– By: Omar Rana
Source: Free Press