GM CEO's Salary Valued at $14.9 Million
General Motors'says it gave Chief Executive Rick Wagoner compensation valued at $14.9 million last year for leading a company that lost $30.9 billion and is running on government loans.
But a large part of his pay package is in stock and options that have dropped in value from $11.9 million when they were granted in March of last year to just over $682,000 currently.
The troubled automaker disclosed the amounts in its annual report filed Thursday with the Securities and Exchange Commission.
Wagoner has agreed to accept a salary of $1 this year as part of the company's restructuring plan.
Many of his stock options are now worthless since the company's shares have plummeted below $2.