Report: No bonuses for top GM executives

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Mar 30, 2007 | 08:54 AM

skorpion317

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Report: No bonuses for top GM executives

Quote:

Report: No bonuses for top GM executives
Automotive News / March 29, 2007 - 8:00 am

NEW YORK (Reuters) -- General Motors, which significantly improved its financial performance in 2006 but did not make a profit, will not pay cash bonuses to top executives for the second consecutive year, the New York Times reported.

GM spokeswoman Renee Rashid-Merem told the newspaper that the decision affected about 20 people, including CEO Rick Wagoner and Vice Chairman Robert Lutz.

Full details on executives' compensation will be released next month when the company files its annual proxy statement, the newspaper said.

At least one of the Big 2.5 is being financially responsible.

Mar 30, 2007 | 10:57 AM

number77

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Posts: 2,428

GM is starting to run their company in every way I would at this point (except for those rare stipper super stock Camaros

).
The future is bright

Apr 1, 2007 | 11:48 AM

OutsiderIROC-Z

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From: Middle of Kansas

Good.

Apr 1, 2007 | 12:08 PM

Slappy3243

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Posts: 1,398

From: Fairfax Station, VA. Formally Long Island :(

Bonus' are just rewards for good work and contributing to a company's success. No success, no bonus. This is a good step.

Apr 1, 2007 | 03:04 PM

Eric Bryant

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From: Michigan's left coast

Quote:

Originally Posted by Slappy3243

Bonus' are just rewards for good work and contributing to a company's success. No success, no bonus. This is a good step.

Indeed. Reward positive output, and don't go giving handouts to folks just to raise morale.

Apr 1, 2007 | 03:34 PM

2000GTP

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Joined: Mar 2005

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From: Aurora, IL

I think they will survive.

Apr 3, 2007 | 01:48 AM

arjainz

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Posts: 143

Slowly but surely, GM. That's the way to do it.

Apr 3, 2007 | 07:09 AM

jcamere94z28

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Posts: 1,512

From: Miami, FL, US

Quote:

will not pay cash bonuses to top executives for the second consecutive year,.

they been doing this for 2 years already... i guess this isn't news... but i am glad this is like that. Once GM is back on its feet and kicking Toyota's *** then you can get back on the bonuses.

Apr 4, 2007 | 05:37 PM

Jim the Nomad

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Joined: Jan 2006

Posts: 215

From: ********.com

Yeah, if I was a union guy who agreed to some cutbacks so that GM could start turning around, I'd be glad to see that the execs weren't getting bonuses for the next couple years... forgive me for pointing out the obvious...