GM CEO Rick Wagoner received a package worth nearly $5.5 million in 2005, 46 percent lower than the $10 million package he received in 2004, reports the Detroit News. Wagoner’s salary remained at $2.2 million, but he received no bonus for the year, compared to a $2.5 million bonus in 2004. Meanwhile, Bob Lutz, vice chairman for global product development, received a package worth $3 million, down from $6.5 million in 2004. Lutz also received no bonus. The Leftlane Perspective: Amid GM’s weakening financial situation, it’s clear everyone is sharing the burden for poor performance.
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05/01, 8:44 AM
posted by:
Anonymous
Last year the the old ’50’s-era, blowhard Lutz made over $3,000 per hour trying to convince gearheads the Ausie GTO is the ‘real thing’ or SAAB has a great future adding a key in the floor to an Opel…
So this year; “..it’s clear everyone is sharing the burden for poor performance.” – he only gets $1500hr.
Asking for them to return their last 5yrs pay would be a down payment for their blundering.
j i m
05/01, 11:35 AM
posted by:
Thom
He has a job to do (which he does) and you do not like what he says. That is fine. It does NOT mean he should not get paid. He is an executive, and just like all the workers, he is hurting (with less pay and no bonus), but that does not mean he should not get paid. With your line of thinking, we should demand that all the auto workers who build the cars should give their last 5 years pay back because they built (or at least did not stop building) crappy cars (I think they are fine, but slumpped sales tell another story).
Just because he gets paid a lot, does not mean he does not deserve it. Why is it that so many are quick to blame the executives only?
05/01, 2:06 PM
posted by:
aaron
Um, because they make the decisions……
Why would anyone assume Jim (post #1) would demand the workers give up their pay too? They just follow the rules, not make them. The workers were probably already in the dumps when they realized they wouldn’t see a bonus – for the last 5 years! How can anyone not be irritated and suprised that these guys are still raking in the big & easy dough, while the company as a whole is dying!? A BONUS? For what? You lost billions of dollars each of the last three years, developed exactly zero prospects, and receive a 2mil bonus? Imagine what you could’ve gotten if you had actually been productive!
05/01, 3:34 PM
posted by:
Jon
Thom,
Whatever you’re on, please send some to me…because if you think 5 million a year is ‘hurting’, you obviously are on the good sh*t.
I think they should take a 100% pay cut until they get the company back on track. Don’t like it? Well then, the board can seek back payments for incompetence. These guys are completely out of the loop of real world reality.
Jon.
05/01, 9:58 PM
posted by:
Thom
Jon,
You must be on some ****, since you cannot read. Neither one of them got $5mil according to the above text. Now, I do think they deserve whatever they got as a contracted pay, JUST LIKE THE FUKIN LOSER UNION OWRKERS get for the crap they put out. They want it the way they want it, well now they have to deal with it. I am not trying to defend all of the decisions (some of them boneheaded), but I ask again, why is it that people think executives should take a cut in pay if things are not going well? Why don’t they tell EVERY owrker in the company that they are cutting pay by an EVEN percentage for everyone?
Don’t give me the crap line that “they are the decision makers.” Bull****. The consumer is. All of the emplyees are responsible as much as the executives is my point.
Would you take a 100% pay cut and keep on owrking? I know you wouldn’t, so why do you assume that they would?
05/01, 10:53 PM
posted by:
Paul D.
Bob Lutz should be paid in full for every bit of effort that he has put into the General over his time with them. For every achievment he should be well rewarded for his success and the success that he brings the General with new, enticing, quality products under his reign.
So I think his value of his efforts for the 5 years he has worked for GM should be around 20 grand, or the price of a Pontiac Solstice.