GM Increased Wagoner's 2007 Pay 41% to $14.4 Million

General Motors Corp. raised Chief Executive Officer Rick Wagoner's total compensation by 41 percent to $14.4 million in 2007, a year when the largest U.S. automaker posted a record loss and its domestic sales declined, Bloomberg reported.

Pay for Wagoner, 55, included $1.56 million in salary, GM said today in a U.S. regulatory filing. The increase was mainly because of incentive-plan payments and a boost in the value of his pension. Wagoner's total compensation was less than the $21.7 million Ford Motor Co. has reported for CEO Alan Mulally.

``Running GM is one of the tougher CEO positions right now,'' said Mirko Mikelic, senior portfolio manager at Fifth Third Asset Management in Grand Rapids, Michigan, which holds debt issued by the automaker among $22 billion under management. ``There are a lot of easier CEO jobs that pay more than GM.''

GM boosted Wagoner's compensation as he reduced annual costs by $9 billion in the past two years, persuaded more than 34,000 union workers to leave and negotiated a contract that trims pay for future workers in half. The Detroit-based automaker's U.S. sales of cars and light trucks fell 6 percent last year, more than double the industry's 2.5 percent decline.

The loss of $38.7 billion last year was mainly because of a $39 billion charge for tax accounting. GM posted losses of $1.98 billion in 2006 and $10.4 billion in 2005.

GM's shares fell 19 percent last year in New York Stock Exchange composite trading. They declined 73 cents to $21.38 at 4:15 p.m. today and have dropped 14 percent this year.

The automaker in its filing today also proposed appointing E. Neville Isdell, 64, who is retiring as Coca-Cola Co. CEO in July, as a director, expanding its board to 14 members.

Isdell came out of retirement in 2004 to revive the Atlanta-based soda maker's sales after consumers concerned about obesity cut back on sugar-laden drinks. He will remain chairman until Coca-Cola's annual shareholders meeting in April 2009.

Wagoner in addition to his salary received stock and stock- option awards that GM valued at $6.34 million, $1.8 million from the incentive plan, $4 million in increased pension value and deferred compensation, and other pay of $697,358. The pension value reflects a change to allow full retirement benefits at age 60 rather than 62, GM spokeswoman Julie Gibson said.

His total compensation for 2006 was $10.2 million, GM said.

The automaker in March restored Wagoner's annual salary to $2.2 million, ending a voluntary pay cut from two years earlier, and set his 2008 incentive target at $3.52 million.

The United Auto Workers union, which last year agreed to allow lower wages for GM's future workers, didn't immediately respond to a call seeking a comment about Wagoner's 2007 pay. When Ford disclosed compensation for Mulally and other executives on April 4, the UAW called it ``excessive and unjustified.''

Vice Chairman Bob Lutz, 76, head of product development, got $6.89 million in compensation, including $1.28 million in salary, GM said in the filing today. That was down from $8.44 million for the previous year.

Chief Operating Officer Fritz Henderson, 49, received $7.61 million in compensation, including $1.28 million in salary, in his role as chief financial officer last year. His total was an increase from $5.19 million for 2006.

Henderson moved to his current job in March. GM last month reported a $1.8 million 2008 salary and an incentive target of $2.43 million for Henderson as operations chief.

GM said it will hold its annual shareholders meeting June 3 in Wilmington, Delaware.

The company's proxy filing listed 10 shareholder proposals. They include requests that the automaker give detailed disclosure on political contributions, support universal health-care reform and agree to specific greenhouse-gas reduction plans.

Shareholders are also seeking to win the right to call special meetings, gain more power in replacing directors, cast an advisory ballot on executive compensation and base pay more closely to performance, according to the filing.

GM last year edged Toyota Motor Corp. as the world's largest automaker by about 3,100 vehicles on the strength of growth in emerging markets. In this year's first quarter, Toyota again moved ahead of GM, by about 160,000 units. GM's North American results dragged down gains in Asia and Latin America.

Turkey issues data on ships received at Kocaeli port during Jan. 2021
Turkey issues data on ships received at Kocaeli port during Jan. 2021
Turkish Interior Ministry to attract cargo transportation services via tender
Turkish Interior Ministry to attract cargo transportation services via tender
N. Macedonia’s ICT sector may be attractive for Azerbaijani investors – minister
N. Macedonia’s ICT sector may be attractive for Azerbaijani investors – minister
Loading Bars
Georgian Crystal's refinancing plan carries elevated execution risk
Turkey issues data on ships received at Kocaeli port during Jan. 2021
Azerbaijani oil prices continue to grow
Azerbaijani currency rates for Feb. 25
Iran's Energy Exchange announces products to be on sale on February 27
Pakistan announces opening of flights to Azerbaijan
Iran's Minister of Tourism explains health protocols in coming Nowruz trips
N. Macedonia’s ICT sector may be attractive for Azerbaijani investors – minister
Another Italian municipality officially condemns Khojaly genocide against Azerbaijani civilians
Iran's Rouhani asks US to pave way for talks
Iran cooperates with Germany, Afghanistan to develop renewable energy sector
Iranian gov't, Expediency Council hold another meeting on FATF bills
N. Macedonia names energy, tourism most productive sectors for co-op with Azerbaijan
N.Macedonia, Azerbaijan negotiating on trade agreement
Oil prices hit 13-month highs on tighter supplies, Fed assurance on low rates
Iran and US negotiate only within JCPOA framework
Australian media reforms pass parliament after last-ditch changes
Decrease in bank lending observed in Baku and Azerbaijani districts
Appeals to consulting organizations in Azerbaijan growing dynamically - Azecoconsulting
Azerbaijan Industrial Corporation aiming to restructure portfolio
China becomes Uzbekistan’s main foreign trade partner
Azerbaijan's Central Bank publishes latest data on population's bank deposits
Azerbaijan discloses share of household loans in total lending
Azerbaijani State Migration Service opens tender to buy air transport services
Kazakhstan to reduce VAT for new manufacturing companies
New Turkish ambassadors to Washington, Tokyo officially appointed
Municipal transport to operate on weekends in Georgia
Tariffs on Eurasia trades to go zero: Iranian Official
Number of COVID-19 cases in Kazakhstan surpasses 210,000
Biden to press for $37 billion to boost chip manufacturing amid shortfall
Participation of Azerbaijani SMEs in public procurement to be encouraged
U.S. report on Khashoggi death expected to single out Saudi crown prince
Egypt plans to order 10 mln Sputnik V doses from Russia
Kazakhstan, Poland trade decreases amid COVID-19
Germany grants special approval for first COVID-19 self-test kits
Ford CEO calls on U.S. government to support EV batteries, charging
Swiss logistics giant to partner with Chinese company in vaccine storage and distribution
Japan's cabinet green-lights bill to ratify RCEP trade deal
Kazakhstan increases imports of Sweden-made goods
Kazakh Karachaganak Petroleum Operating paying particular focus to "green" technologies
Kazakhstan's Kcell mobile telecom services provider to de-list its GDRs
Azerbaijan - leader among neighboring countries for index of sustainable development goals
Israel's hi-tech services exports up 19 pct in 2020
Conditions for Int’l cooperation changing - Rouhani
Kazakh airlines eye boosting jet fuel imports
Uzbekistan notes decrease in mining production
COVID-19 greatly affects cargo transportation by vehicles in Azerbaijan's transportation sector
Head of Georgian Governmental Administration quits
Turkey registers more than 9 500 new coronavirus cases
Johnson & Johnson's one-dose vaccine closes in on U.S. approval
Pashinyan shows anti-Russia stance, denigrates 'Iskander' missile fired on Azerbaijan
Azerbaijani FM, European commissioner for Neighborhood and Enlargement discuss situation in region
Azerbaijani FM meets Ukrainian deputy FM (PHOTO)
Visitors show great interest in Azerbaijani products at Gulfood 2021 exhibition (PHOTO)
Azerbaijan discloses amount of investments in economy of Turkic-speaking states
Assistant to Azerbaijani president meets with Ukrainian deputy minister for foreign affairs (PHOTO)
Japan eyes to support development of Georgian agrarian potential
Airlines expanding their activities in Georgia
Georgia reports three cases of UK coronavirus strain
Azerbaijan talks state-supported domestic SME market researches for 2020
Iran's Khatam Al-Anbia Headquarters to begin second phase of Chabahar port development project
Georgia to receive AstraZeneca Vaccine from South Korea and India
Turkmengas opens tender for purchase of technological equipment
Port of Baku records growth in annual turnover despite pandemic
Uzbekneftegaz to accelerate sale of gas stations serving farms
Azerbaijan sees growth of long-term loans to legal entities in real estate sector
Kazakhstan's Parliament approves amendments to bill on uranium mining
Iran's Shahid Tondgooyan Petrochemical Company fulfills its production plan
Georgian Hualing FIZ to begin serial production of furniture
Ukraine International Airlines receives permission to operate flights to Baku
New free economic zone established in Uzbekistan’s Karakalpakstan
Precious metal prices down in Azerbaijan
Azerbaijani industrial sector's lending notably grows
Turkmenistan's Project CA Desert Initiative opens tender for purchase of motorcycles
Inspectorate International Ltd. wins tender launched by Azerbaijani mining company
Turkish, Azerbaijani, and Turkmen FMs adopt joint statement following trilateral meeting (PHOTO)
Programs of Azerbaijani Communications Ministry to raise local startups to world standards
Uzbekistan to sale jewelry via e-commerce
Azerbaijan's Jan. 2021 import of goods increases
Azerbaijan sees multifold growth in bank mortgage lending
Georgia eases some COVID-19 restrictions
Marketed gas production resources set to change by 2050
Azerbaijan discloses volume of goods exported in Jan. 2021
Iran reveals COVID-19 data for February 24
JCPOA signatories require to take big steps towards commitments - Iranian MP
Iran to jointly produce COVID-19 vaccine with Russia by March
Azerbaijan talks use of 'smart' services in liberated lands
Most of lending in communications and transport sector accounts for foreign currency in Azerbaijan
Kazakhstan's banking sector faces pressure from global economic slowdown
Iran declares volume of exports-imports via Shahid Bahonar port revealed
Denmark to ease some COVID-19 restrictions from March 1
Georgia simplifies entry rules for citizens of Russia, Azerbaijan, Belarus and Ukraine
Kazakhstan Railways opens tender to rent lifting equipment
Iran to export five pharmaceutical products
Kazakhstan's Karachaganak Gas Debottlenecking Project progresses despite COVID-19
Turkmenistan prepares to harvest licorice root
Karachaganak Petroleum Operating reports historical maximum liquid production
Iran to begin its human trial phase of Razi Cov-Pars vaccine
Central Bank of Iran allocates funds to buy Indian COVID-19 vaccine
German economy to shrink some 1.5% in early 2021
All news