New General Motors CEO To Receive $9 Million Compensation Package

Ed Whitacre, new CEO of General Motors, will receive a $1.7 million salary and $9 million total compensation package. That’s about twice what his predecessor Fritz Henderson received. Don’t cry for Henderson, though–he’s making almost $3,000 per hour consulting for GM for twenty hours a month.

GM spokeswoman Renee Rashid-Merem said Whitacre’s pay is higher than Henderson’s because of his previous CEO experience.

“Ed is a long-serving veteran CEO and chairman, and while his package is higher than Fritz’s, it is significantly lower than that of our peer companies,” Rashid-Merem said in an e-mail.

Most of that $9 million is GM stock, and Whitacre will receive it in coming years.

GM CEO Whitacre Receives $9M Pay Package [Associated Press]
Former CEO Fritz Henderson now consults GM at $2,954 an hour [USA Today]