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DETROIT - General Motors Co. said it will pay CEO Ed Whitacre $1.7 million annually in cash as part of a $9 million compensation package and has hired his ousted predecessor, Fritz Henderson, as a consultant, Automotive News and Reuters reported.
Whitacre also will receive $7.3 million in the form of company stock, GM said in a U.S. regulatory filing Friday. That includes stock valued at $5.3 million, paid out over three years beginning in 2012, and another $2 million in restricted shares.
The $1.7 million surpasses the amount Henderson was to have made as CEO before GM's executive pay came under the dominion of U.S. pay czar Kenneth Feinberg. Whitacre had argued that the company's pay restrictions -- enforced because of its government bailout -- could prevent it from hiring adequate outside talent.
Whitacre, 68, took over from the ousted Henderson in December, first as interim CEO and starting Jan. 25 as official CEO. He was waiting for GM's directors and Feinberg to approve his salary. Whitacre had been earning a cash salary of $350,000 as chairman, said spokeswoman Noreen Pratscher.
GM said Henderson was hired Thursday as a consultant on a month-to-month basis, with the job to end some time this year. GM will pay Henderson $59,090 monthly to counsel GM on international operations. He will work about 20 hours per month and meet once a month with GM's international president, Tim Lee, or one of his representatives.
Henderson had made $950,000 in cash and $4.2 million in stock salary and long-term restricted stock as CEO after Feinberg first ruled on GM's executive pay in October.
GM is under Feinberg's dominion because of its government bailout. Before Feinberg's intervention, Henderson was to make $1.3 million in annual salary.
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