The recent string of government bailouts has placed a 50,000-watt spotlight on executive pay. Executives from Detroit automakers have already cut their pay to show the public and their own workforces that they're sacrificing for the greater good. There hasn't been much focus, however, on finance arm executives, though there likely will be after Automotive News learned that GMAC CEO Alvaro de Molina was paid $11.6 million in 2008. Molina's 2008 windfall comes one year after he pulled in nearly $5 million in 2007; an amazing amount of money considering he started at GMAC in September of that year.
The breakdown of what Molina earned in 2008 is actually $1.2 million in salary, $5.81 million in stocks and $4.8 million of "other" compensation, offset by stock options that pulled the grand total down by $194,000. Included in the $4.8 million "other" compensation is $2.26 million in usage of a company jet, a privilege that has since been revoked.

If your stomach is turning at the thought of a finance CEO making $11.6 million when his company is losing billions on its mortgage and automotive finance operations, you're not alone. We're guessing that Molina's 2009 will be significantly less lucrative than 2008, but likely still more than most of us feel any CEO deserves.

[Source: Automotive News subs req'd]

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