P&A Providers & Administrators
MenuMENU
SearchSEARCH

GM to Pay Whitacre $1.7M Base Salary; Henderson to Consult

February 20, 2010
2 min to read


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.

Ad Loading...


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.

More Industry

Orange electric vehicle charging station.
Industry•by Lauren Lawrence•October 20, 2026

Charger Network Growth Slows

Despite a projected increase in public EV chargers in 2026, charging infrastructure remains a top concern for consumers as the gap between the most and least EV-friendly places remains substantial.

Read More →
Fan of $100 bills atop a white envelope
Industry•by Hannah Mitchell•October 13, 2026

Lenders, Consumers Take on More Auto Loan Risk

September records loosened credit access the most in over a decade as buyers took advantage of the conditions to afford trading, though loan applications fell.

Read More →
Red type R Honda civic parked on road.
Industry•by Lauren Lawrence•October 13, 2026

Next-Gen Hybrids in Sight

Dealerships can expect to see revamped hybrids from Honda next year as the company rolls out a new system and model lineup.

Read More →
Ad Loading...
Dodge ram emblem on orange vehicle exterior
Industry•by Hannah Mitchell•October 6, 2026

Gem State Stores Change Hands

A larger auto group founded in the industry’s early years sold two franchises to a neighbor group that's on a growth spurt.

Read More →
Graphic of model car driving on fake road.
Industry•by Lauren Lawrence•October 6, 2026

Charging In Motion

Honda has been researching wireless in-motion charging for electric vehicles since 2025, and new technology developments have put it a step closer to a final product.

Read More →
front grill of a Ford truck with blue Ford emblem
Industry•by Lauren Lawrence•September 30, 2026

Twin Cities Stores Sell

Minnesota-based Walser Automotive Group made what it called the most significant acquisition in its history with a three-rooftop deal in Minneapolis.

Read More →
Ad Loading...
Diesel engine on a production line in a factory
Industry•by Hannah Mitchell•September 29, 2026

U.S. Auto Sales Still Below Prepandemic Levels

Mobility Global industry observers don’t expect the market to return to the higher volumes that became routine before Covid but to stay well below its potential.

Read More →
Front of red tesla car.
Industry•by Lauren Lawrence•September 22, 2026

The Powertrain Shift

Electric-vehicle owners are backpedaling, according to new data, with product availability driving many to shift back to gas-powered engines.

Read More →
White BMW SUV driving on road.
Industry•by Hannah Mitchell•September 15, 2026

Achromatic Autos

The shades that dominate the U.S. car market don’t call attention to themselves, though grayscale may have plateaued after a 30-year upswing, research shows.

Read More →
Ad Loading...
Line of eclipse SUVs in parking lot.
Industry•by Lauren Lawrence•September 15, 2026

Used-Vehicle Affordability Worsens

Listing prices in August defied seasonal trends, rising above $27,000 for the second time this year.

Read More →