GM seems to be eager to start paying its executives again, as its latest reported move sees the cash-strapped automaker restoring Vice Chairman Bob Lutz’ salary to at least $1.55 million for 2008. The outspoken chairman took a self-imposed pay-cut around the same time colleague and Chief executive Rick Wagoner did the same back in 2006. Wagoner’s salary bump to $2.2 million, along with other incentives, was announced last week.
The move is effectively a 17.6 percent raise for Lutz and restores his pay to be equal with his 2005 salary, according to a Wall Street Journal report Wednesday.
Last year saw the world’s largest automaker with a near $39 billion net loss, while U.S. sales dropped by 6 percent.
