GM bosses forego bonuses for another year
GM's 2006 was so much better than 2005, news agencies in Detroit and around the country were wondering if it would hurt the General in UAW discussions in September. GM did improve greatly in 2006, but the fact remains that they still lost money. That's one big reason General Motors will not be paying out bonuses to its top 20 executive decision-makers. CEO Rick Wagoner, vice chairman Bob Lutz, and company are now at two consecutive years since their last bonus, but somehow we doubt they'll be hurting for cash anytime soon.
[Source: Automotive News (subscription req'd)]
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Reader Comments (Page 1 of 1)
akintz 8:04AM (3/30/2007)
It's too bad Ford couldn't take a note from their book on this stuff.
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Bojack 8:47AM (3/30/2007)
They took a similar hit a while back when Ford stopped releasing dividends on their preferred stock which is more or less Ford family owned.
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Phil L. 8:48AM (3/30/2007)
That photo is a classic example of Blackberry distraction. I've seen meetings where it seems everyone is busy clicking with their thumbs instead of paying attention to the topic at hand...
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Steve 9:25AM (3/30/2007)
I believe their base salary should be enough to support their lifestyle. I am sure the company gives them so many perks they are not hurting. NO TEARS HERE
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Carlos 11:11AM (3/30/2007)
This will help in the upcoming UAW negotiations. Only a little, but it's a start. Many UAW would rather take the ship down as a matter of honor rather than make concessions while the management layer gets giant salaries, bonuses, and rewards for failure. GM has to take that aspect of the negotiation off the table.
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sw 2:26PM (3/30/2007)
No new luxury yatchs for the execs. My heart cries out for them.
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