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GM CEO Gets $9.57M in 2006 Compensation

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GM CEO Gets $9.57M in 2006 Compensation

By TOM KRISHER 04.27.07, 5:35 PM ET


General Motors Corp. Chairman and Chief Executive Rick Wagoner received compensation that the company valued at $9.57 million during 2006, the struggling automaker disclosed in a regulatory filing on Friday.

Wagoner was paid $1,283,333 million in salary and received stock and option awards valued at $7,520,657 million on the date they were granted, GM's filing with the Securities and Exchange Commission said.

He also received $769,566 in other compensation, including $284,523 for home and personal security, $247,907 in life insurance benefits, and $51,941 for personal use of company aircraft.

According to the filing, Wagoner and the company's five other executive officers received no bonuses last year. Also, Wagoner took a 25 percent pay cut from Jan. 1, 2006 salary as part of the company's turnaround plan.

GM has been losing U.S. sales and market share in the face of fierce competition from Asian automakers. GM, like its U.S.-based rivals, was caught with a lineup featuring too many truck-based vehicles that weren't fuel efficient when gasoline prices surged to the $3 per gallon range.

The company lost $2 billion in 2006 and $10.4 billion in 2005, but analysts say there are signs that its turnaround plan is starting to work. The company posted a fourth-quarter profit of $950 million last year. It has shed thousands of manufacturing jobs and closed plants in an effort to reduce factory capacity.

Still, the company may lose its title of world's largest automaker to Toyota Motor Corp. (nyse: TM - news - people ), which sold more vehicles worldwide than GM in the first quarter of this year. Wagoner has promised to fight to retain the lead.

The Associated Press calculates total pay including executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year. The calculations don't include changes in the present value of pension benefits or the company's cost of stock and options granted before 2006, and the figures can differ from the company's total.

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