General Motors Executive and Board Compensation Reduction Agreement
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Summary
General Motors Corporation announced that its senior leadership team and Board of Directors will take significant pay cuts. The Chairman and CEO will have his salary reduced by 50%, Vice Chairmen by 30%, and the Executive Vice President and General Counsel by 10%. The Board of Directors also voluntarily reduced their compensation by 50%, with non-employee directors foregoing cash compensation and retaining only part of their stock retainer. These measures are intended to address financial challenges facing the company.
EX-10.(O) 12 k03376exv10wxoy.htm DESCRIPTION OF EXECUTIVE AND BOARD COMPENSATION REDUCTIONS exv10wxoy
Exhibit 10(o)
Description of Executive and Board Compensation Reductions
GM senior leadership team will reduce its salaries as follows: Fifty percent reduction for Chairman and Chief Executive Officer G. Richard Wagoner, Jr.; thirty percent reduction for Vice Chairmen John Devine, Robert Lutz, and Frederick Henderson; and ten percent reduction for Executive Vice President and General Counsel Thomas A. Gottschalk.
The Board of Directors voluntarily reduced board member compensation by fifty percent. Non-employee directors will forego cash compensation and will retain some of the stock portion of their annual retainer.
[From Exhibit 99.1 to Current Report on Form 8-K of General Motors Corporation filed on February 8, 2006]
