Fed may reconsider $500k salary cap for new GM CEO, limit pay for 2nd tier execs
Regarding General Motors, to lure the kind of executive the company seeks it will probably need a bit more flexibility with pay than the rules previously enforced on it by the pay committee. Feinberg said he will look at GM's compensation proposal when a suitor is located. It would be nigh on impossible to lure that candidate with the come-on, "Fix everything, here's a million bucks now, you'll get some Scooby Snacks in 2013, let us know when you're done, kthxbai."
Feinberg appeared to refine his pay re-examination statement, though, citing a case where GM brings someone in "laterally," not simply chooses from among the ranks. Like him, we all know that "It is vitally important that GM, under the law, be competitive and be able to compete in the automobile marketplace," especially if we want to get any more of that $30 billion back.
[Source: Automotive News - sub. req. | Image: Win McNamee/Getty]
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