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Old 03-23-2007, 10:47 AM   #1
NYCshopper
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Default GM doles out stock bonuses to execs

GM doles out stock bonuses to execs

http://money.cnn.com/2007/03/23/news...reut/index.htm



Quote:
In first time since 2003, CEO Wagoner got $2.8M worth plus options

NEW YORK (Reuters) -- For the first time since 2003, General Motors Corp. is giving bonuses in the form of stock to Chairman and Chief Executive Rick Wagoner and other top executives.

Wagoner received restricted stock valued at $2.8 million and 500,000 options, according to a filing with the Securities and Exchange Commission

The company will disclose full compensation details in its annual proxy, which will be released in April.

GM (Charts), the world's biggest automaker, reported last week that it swung to a profit in the fourth quarter but fell short of Wall Street expectations on mounting mortgage losses from its former finance unit.

Analysts say that among struggling Detroit automakers, GM has made the most progress toward a financial turnaround.

The company's net loss narrowed to $2 billion in 2006 from $10.4 billion in 2005. Ford Motor Co. (Charts) lost $12.7 billion last year, while DaimlerChrysler AG's (Charts) Chrysler unit lost almost $1.5 billion.

GM said it remains on track to cut structural costs by $9 billion this year compared with 2005, before it began a sweeping restructuring.

The automaker, which is expected to be challenged for the top spot in global sales by Toyota Motor Corp (Charts). in 2007, is banking on the success of many new products this year, including new sport/utility vehicles, which were hurt last year as high gas prices drove consumers to more fuel-efficient vehicles.
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Old 03-23-2007, 06:47 PM   #2
morektzdaddy
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The should have taken that money and built better cars. IMO!
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Old 03-23-2007, 06:49 PM   #3
teh POD
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Quote:
Originally Posted by morektzdaddy View Post
The should have taken that money and built better cars. IMO!
but those poor execs! how will they be able to afford their lavish lifestyle if they don't get those bonuses?
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Old 03-24-2007, 03:42 AM   #4
woody06967
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...why?
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Old 03-25-2007, 03:31 PM   #5
morektzdaddy
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Because living in Detroit is so nice?^^^^^
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Old 03-25-2007, 03:53 PM   #6
bakadayo
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Well since the bonuses are in stock form, I'm not too peeved. So long as they don't get to cash and run ASAP, it would make for more incentive to straighten the company. If they were handing out cash-bonuses though, that'd be a totally diff story.
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Old 03-25-2007, 04:03 PM   #7
Airborne_J
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Well, the problem with the options he was awarded is that if the price doesn't rise then they'll be worth $0

the restricted stock, as long as they're traded on an exchange will be worth SOME money.
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