GM's Whitacre: Salary Cap Imposed by U.S. Treasury Complicates Search for New CEO
DETROIT - General Motors Chairman and CEO Ed Whitacre Jr. confirmed what many where thinking: Pay restrictions put in place by the company's largest shareholder, the federal government, "absolutely" make finding a top hire difficult, reported The Detroit News.
As Reuters reported earlier this month, U.S. Treasury pay czar Kenneth Feinberg set new guidelines that cap base cash salaries for many of GM's top executives at $500,000.
Whitacre, who's acting as CEO after Fritz Henderson resigned last month, said GM doesn't have any CEO candidates yet and will not rule out hiring an insider.
He also announced GM will repay all of its $6.7 billion in government loans by the end of June, which could lift the pay restrictions, but did not offer a timetable for an initial public offering of stock.
More Industry
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
Used-Vehicle Affordability Worsens
Listing prices in August defied seasonal trends, rising above $27,000 for the second time this year.
Read More →