Rick Wagoner,
GM Chairman and CEO
His Pay:
$4,817,020 per year
. . . plus benefits
. . . plus stock options
more below
[UPDATE: GM to Cut 30,000 Jobs by 2008, Expects $7 Billion in Savings - Wall Street Journal 21nov2005]
|
Rick Wagoner,
His Pay: |
WILMINGTON, Del. — Chairman and Chief Executive Officer Rick Wagoner made it clear Tuesday the pain is not over for General Motors Corp. or its employees.
The struggling automaker will eliminate an additional 25,000 U.S. hourly jobs, or about one in five, between now and the end of 2008, despite already eliminating 22,000 U.S. hourly jobs over the previous four years.
It will try to close an unknown number of assembly and components plants in the next few years, despite already being in the process of closing three assembly plants this year.
And, despite some modest health care concessions from the UAW when the last national contract was negotiated, Wagoner is now trying to wrangle health care cost concessions from the union. He wants to reach a health care compromise with the union, but left open the idea of getting concessions without it.
The job cuts are not entirely surprising. The automaker has experienced a slow-but-steady erosion of its workforce in the last several years.
It's also not surprising that GM will look to close more plants. Plant closings aren't likely to happen until after the current UAW national agreement expires in September 2007.
Wagoner's announcement, coming at a meeting where some angry shareholders asked for his resignation, was seen by Wall Street as mostly an acknowledgement that the automaker will continue to shrink, as it has for more than a decade.
Some of Wagoner's comments also seemed to be aimed at the UAW — and telling the union a plan to reduce GM's health care costs must be worked out, with the union or without it.
Wagoner said GM has quietly held "intense discussions" with the UAW and its other unions regarding efforts to cut GM's skyrocketing health care tab, which is about $5.6 billion in cash this year or roughly $1,500 for every car and truck GM sells.
Working on a deal Despite these high-level talks on health care, Wagoner was not confident any solution was imminent and signaled that although GM hoped to reach a compromise with the UAW, it may not be able to.
"We have not reached an agreement at this time, and, to be honest, I'm not 100% certain that we will, but all parties are working on it," Wagoner said at GM's 97th annual shareholders meeting.
"What happens if we can't reach an agreement with the UAW on this matter promptly? Well, I don't believe that it serves a useful purpose to speculate on that. Let me just emphasize that our very strongly preferred approach is do this in cooperation with the UAW," he said.
The GM chief said the key is that GM move quickly to address its health care costs. He added GM has had both conflicts and cooperation with the UAW, "but either way, it is crystal clear that we need to achieve a significant reduction in our health-care cost disadvantage, and to do so promptly. We are committed to do that."
The union has resisted reopening its contract with GM, a step the UAW has rarely made even in the most desperate times. UAW President Ron Gettelfinger told reporters in April, following a private meeting with Wagoner and other GM executives, that he will work within the confines of the contract to cut GM's health care tab, but has no plans to reopen the 4-year pact.
Union wary of plan In a statement sent to reporters, UAW Vice President Richard Shoemaker expressed skepticism in the cost-cutting plan laid out by Wagoner.
"The UAW is not convinced that GM can simply shrink its way out of its current problems," he said. "What's needed is an intense focus on rebuilding GM's U.S. market share, and the way to get there is by offering the right product mix of vehicles with world-class design and quality."
Wagoner's comments came two days before the UAW's top leaders meet in Detroit with plant-floor UAW presidents and chairmen at GM and Delphi Corp. plants. GM's health care concerns and the fate of Delphi, a former GM parts division that is now a stand-alone supplier, are expected to be on the agenda for the Thursday event.
There has been some speculation on Wall Street that Delphi might be able to get a bailout deal from GM and the UAW, because Ford Motor Co. recently reached a deal with the UAW to help bail out Visteon Corp., an auto supplier that used to be part of Ford and has lost more than $2 billion since leaving that automaker.
Wagoner said there was no reason to think GM was going to bail out Delphi. "We've not had any discussions under which we have considered taking such a setup," he said.
He said the Ford-Visteon situation is very different
"We don't see the relevance to a GM-Delphi type of situation," he said.
Wall Street auto analysts said Wagoner's announcement of plant closings and layoffs was not surprising. GM shares finished up 28 cents, or 1%, to close at $30.70.
"This amounts to little more than past 5% annual attrition levels, though it will enable GM to close an additional three or four plants," wrote UBS auto analyst Rob Hinchliffe in a report to investors.
Years of uncertainty Wagoner declined to say which plants might be closed, meaning thousands of workers at U.S. plants will spend the next few years wondering their plant's fate. Typically, assembly plants are closed when they make poor-selling vehicles or products that also are made elsewhere.
GM plants that might fit that description include Doraville, Ga., and Oklahoma City, say automotive-production experts.
The broad plan outlined by Wagoner was the most extensive GM has offered since it stunned the financial markets with a warning of a sharp first-quarter loss in March. Wagoner said these moves will save GM $2.5 billion a year.
For years, GM propped up its U.S. sales with ample incentives, even as Asian rivals launched new models and won more market share. But the plan announced on Tuesday appears to be paving the way toward a smaller GM suited to the lower customer demand.
"It's not our objective for our market share to slide at all," Wagoner said. "But I think one of the potential diseases of this business, and we've had it from time to time ... is an overly sunny view of the ease of growing market share going forward."
Wagoner listed steps GM will take to turn around its unprofitable North American auto business, including lowering the emphasis on sales incentives and speeding the launch of higher-profit vehicles such as full-size pickups.
When asked if GM also could cut white-collar or salaried jobs, he said GM already has cut those positions by 33% over the past five years.
"We really have to go after all aspects of the business," he said. "I see us continuing to try to drive improved efficiency."
The 25,000 figure is not many more than the 22,000 U.S. plant-level jobs than GM shed from 2000 to 2004, a period of relative stability at GM. Now, GM is in the midst of times that are anything but stable after suffering its worst financial loss in 13 years in the first quarter. GM has about 109,000 U.S. hourly workers, down from 133,000 at the end of 2000.
Contact JEFFREY McCRACKEN at 313-222-8763 or mccracken@freepress.com.
source: http://www.freep.com/money/autonews/gm8e_20050608.htm 8jun2005
General Motors Corp., struggling with high costs and declining sales, unveiled plans to cut its North American work force by about 25,000 workers by 2008 as part of a broader restructuring, but the plan drew mixed reviews from analysts and investors and skepticism from the company's biggest union.
Speaking at GM's annual meeting in Wilmington, Del., Chairman and Chief Executive Rick Wagoner said that besides cutting the jobs, about 14% of the North American work force, the world's largest auto maker will close more plants by 2008 and is studying "strategic options" for its lucrative finance arm.
GM's North American operations, which posted a loss of $1.3 billion for the first quarter, already have been eliminating about 8,000 jobs a year through a combination of attrition and early-retirement programs since 2002, part of a gradual decline in the size of its work force. Those cost cuts haven't been enough to offset GM's sliding U.S. market share and declining revenue per vehicle.
After the annual meeting, Mr. Wagoner said the newly announced cuts would be "an acceleration" of normal attrition. "We can take advantage of attrition to get a lot of those numbers, but it is highly likely that we will need to accelerate attrition," he said.
GM's total North American work force was 181,000 as of Dec. 31. Of those, 111,000 are hourly workers in the U.S.
GM is the last of Detroit's Big Three — which include Ford Motor Co. and DaimlerChrysler AG's Chrysler Group — to announce a restructuring program within the past five years, a period during which market share for the three big, unionized U.S. auto makers has plunged from 68% in 2000 to just over 57% as of the end of May.
Reaction from the United Auto Workers, the large union that represents most GM manufacturing workers in North America, came late yesterday in a statement from its vice president and top GM negotiator, Richard Shoemaker. He said the union "is not convinced that GM can simply shrink its way out of its current problems. What's needed is an intense focus on rebuilding GM's U.S. market share, and the way to get there is by offering the right product mix of vehicles with world-class design and quality.
"It's one thing to present in a speech specific targets for job reductions and closing plants by the end of 2008," Mr. Shoemaker said, but in reality "various factors" will determine the actual outcome, including talks on a new labor agreement scheduled to take effect in 2007.
GM shares rose 31 cents, or just over 1%, to close at $30.73 in 4 p.m. composite trading on the New York Stock Exchange. That was below the $31-a-share price set in a tender offer made by Las Vegas billionaire Kirk Kerkorian, who has been seeking to acquire 28 million shares and become GM's third-largest shareholder. Mr. Kerkorian's offering was set to expire at 5 p.m. yesterday. Tracinda Corp., Mr. Kerkorian's main investment company, is expected to release preliminary results of its tender offer today.
Morgan Stanley analyst Stephen Girsky said in a comment that Mr. Wagoner's plans represent "a small step in the right direction" but added, "The targeted employment reduction appears to be roughly in line with recent attrition and does not appear to be acceleration."
Standard & Poor's analyst Scott Sprinzen said Mr. Wagoner's announcements yesterday don't change the rating agency's recent judgment that GM's debt deserved a downgrade to a "junk" rating. A reduction of "25,000 seems like a big number, but when you consider what the natural attrition might be in any case, it really is unclear just how much is new here apart from the figure of $2.5 billion of annual savings," Mr. Sprinzen said. "It's not clear if this is the new round of restructuring that many have been anticipating."
For Mr. Wagoner, the stakes are high. He has put his future on the line, taking charge of GM's $114 billion North American business in April to deliver a turnaround as the company faces its worst financial crisis in 13 years.
Since then, he has sketched out a four-legged strategy for restoring profitability, that starts with boosting capital spending this year and next to speed the launches of several new models, including replacements for GM's aging lineup of large SUVs. Part two of the plan is a sweeping overhaul of U.S. marketing strategy. On legs three and four — cost-cutting and reducing GM's burdensome health-care bill — Mr. Wagoner has offered few details and appears to be avoiding drastic, short-term cuts. Much of his success will depend on the acquiescence of the UAW and suppliers that already are straining to meet GM's cost-cutting demands.
How long Mr. Wagoner has to deliver results is unclear. GM's board so far has backed him. If Mr. Kerkorian follows through on his plan to acquire a total of 8.84% of GM's shares, his presence in the wings could add to the pressure on Mr. Wagoner and GM's outside directors to step up the pace.
Mr. Wagoner projected that the capacity and employment cuts would save GM about $2.5 billion a year. That works out to savings of about $530 on average for every U.S. vehicle, using GM's 2004 sales. That is about only a third of the $1,500 higher cost per vehicle that GM suffers against foreign rivals because of its high worker costs, including health care for retirees.
A GM spokeswoman said yesterday that job cuts are only one part of GM's cost-reduction plan. The company also expects to save money in areas such as purchasing, productivity improvements and health care, she said.
On the key issue of GM's high health-care costs for workers and pensioners, Mr. Wagoner said GM management hasn't reached an agreement in talks with the UAW about ways to reduce GM's $5.6-billion-a-year U.S. health-care bill. "To be honest, I'm not 100% certain that we will," he said.
Mr. Wagoner offered little additional detail on GM's options for its GMAC financing unit, which has been at a competitive disadvantage since the downgrade to "junk" status by Standard & Poor's and Moody's. Mr. Wagoner stressed that the "hand-in-glove working relationship between GM auto and GMAC provides ample benefits to our dealers and our stockholders, and it's critical to our ability to compete in the marketplace." That suggests GM would be reluctant to spin off or sell GMAC, because the auto maker might lose the ability to tap GMAC for sales programs such as no-interest financing.
On the production front, Mr. Wagoner said GM needs "to get to 100% capacity utilization, or better" in North America, compared with about 85% in 2004. By the end of this year, based on plant closings already announced, GM will reduce its North American assembly capacity to five million vehicles from six million in 2002, Mr. Wagoner said.
"We expect to close additional assembly and component plants over the next few years, and to reduce our manufacturing employment levels in the U.S. by 25,000 or more in the 2005-2008 period," Mr. Wagoner said. He didn't identify specific plants that could be closed.
Mr. Wagoner faces a major challenge in GM's contract with the UAW. The current agreement, which expires in 2007, technically prohibits plant shutdowns, and guarantees UAW workers full pay and benefits if their plants are shuttered for a lengthy period.
GM could refuse to renew those income and job protections in 2007, but the UAW has fought successfully to maintain them in each contract cycle since GM agreed to the provisions in 1990.
"We work very proactively with the union on these kinds of issues," Mr. Wagoner said. "We will work with them and come up with a solution that works for them and us."
In his speech to shareholders, Mr. Wagoner said GM ultimately plans to "look at capacity utilization on a global basis." In other words, GM hopes to follow Japanese rivals such as Honda Motor Co. that can move production of various models rapidly from plant to plant based on sales patterns, or tool one plant to ship vehicles to any market, based on demand.
Mr. Wagoner also reviewed GM's previously disclosed plan for overhauling its North American marketing operations. It involves moving toward a three-channel strategy, under which the Chevrolet brand would become GM's only full-line mass-market franchise; Cadillac would anchor GM's luxury offerings; and Buick, Pontiac and GMC essentially would become one marketing division with products sold by the same dealerships under three brand names. Saab, Hummer and Saturn would continue as niche brands.
Mr. Wagoner's outline for North American cost cutting follows a more-aggressive plan he authorized for unprofitable GM Europe. GM has cut 12,000 jobs across Europe since last fall, most of them in Germany. GM Europe has shown signs of improvement, posting a loss of $103 million for the first quarter compared with a $116 million loss a year earlier.
This isn't the first time that GM has drawn lines in the sand on North America capacity. In 1988, then-President Robert Stempel vowed to make GM's North American factories run at 100% capacity by 1992, at the same time GM promised a substantial new-model blitz aimed at boosting U.S. sales.
But by 1992, GM's North American operations were bleeding cash and Mr. Stempel, who had become chairman and CEO, was forced out in a boardroom coup. GM's share of the U.S. market in 1992 was 34%. So far this year, it is hovering just under 26%.
Page A1
WILMINGTON, Del. — General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner today delivered a state of the business address at the company's annual meeting of stockholders. The following are his remarks:
I'd like to focus my State of the Business comments today on recent developments, and specifically on the status of our plans to address the sudden downturn in our performance here in North America, which is our top priority in the company.
In the interest of time, then, I will comment only briefly on our other business units, all of which are running at or ahead of plan.
GMAC continues its strong financial and business performance, despite the challenges presented by credit rating pressures and restricted availability of funding from its traditional sources.
GM Europe is moving at a good pace in its turnaround, with significant progress in its structural cost reduction plan and positive sales momentum in the relatively weak European market.
GM Asia-Pacific continues its steady sales and share growth in the world's fastest growing region, and is resuming a stronger profit performance after a dip in the last two quarters.
And, finally, GM Latin America, Africa and Middle East, boosted by strong economic and industry growth, is continuing its recent track record of sales and profit improvement.
In all these business units, we for certain have plenty of work to do, but the trends are encouraging.
The most challenging and important operating issue we face is getting GM North America, our biggest business unit, turned around and back into a profitable position.
GM North America Performance
First, let me comment on GM North America's poor performance in the first quarter of this year, in which we lost $1.3 billion, and address the obvious question — what happened? The answer is pretty direct — our North American business is highly leveraged from an operating perspective — we have a high structural, or fixed, cost base and so when we lose revenue, it drops quickly to the bottom line. And, last quarter, we lost revenue, due to lower retail sales — we did not achieve our market share expectation; a significant, and needed, 100,000 unit year-over-year reduction in dealer inventories; and a much weaker sales mix — fewer high profit SUVs, more lower profit cars.
In addition, our material costs came under pressure, due primarily to higher commodity prices, and finally, we continue to feel the ever increasing burden of higher health care costs. These negative factors swamped our improvement in efficiency and structural costs, and so we registered an unacceptable financial performance.
As we implement our comprehensive plan to address this situation, we are focusing our efforts keenly on the areas of greatest impact. What I mean by this is the following:
I wanted to give you that perspective on my thinking before I outline the four specific actions that we are taking now to get GM North America back on track. Let me say up-front that our absolute top priority is to get our largest business unit back to profitability as soon as possible. The four primary actions to drive this are as follows:
Great Cars and Trucks
First and foremost, we need to continue to raise the bar in the execution of our new products. We know that you can't turn around, or be successful in our business, without great cars and trucks. So, to address that, we are increasing our capital expenditures by nearly a billion dollars this year, with the increase mostly in North America, and focused on product. We'll hold this higher level of spending in 2006.
We also re-energized our product portfolio over the near term, by advancing the timing of several high volume, high profit programs such as our large pick-ups and mid- and large-utilities. Looking out a little farther, we're prioritizing our product development resources in the areas where we see the greatest volume, growth, and profit opportunities — crossovers of all kinds; entry luxury and premium models; hybrids and other technologies to improve fuel efficiency.
Finally, we have now made all our appointments in our new global product development organization, and so Bob Lutz and his team will step on the accelerator and start delivering the benefits of globalizing product development — crisper product execution, shorter life cycles, better quality, lower cost.
Let me close the product discussion by emphasizing that we're starting from a solid base .. we've had a number of successes over the past few years, such as the Cadillac line-up, and recent launches like the Chevy Cobalt and Pontiac G-6. And, we're very excited about products just now, or soon-to-be launched, such as the Hummer H3, the Chevrolet HHR, and the Pontiac Solstice.
Sales and Marketing Strategy
The second key element of our North American turnaround is the re-tooling of our sales and marketing strategy here in the U.S. — doing that will consist of four major initiatives:
Overall, under Mark LaNeve's leadership, we have a revitalized and focused sales and marketing plan, and we are confident that it will yield positive results.
Cost Reduction
The third area of focus in getting GM North America on track is to pick up the pace in reducing our cost, and improving our quality. With little pricing opportunity, we know we can't return to adequate levels of profitability without an extremely competitive cost structure, and without being among the very best in quality. And, again, we have solid base to build on here.
Last week, the annual Harbour productivity study ranked our Oshawa plant as the most efficient assembly plant in North America, and placed GM assembly plants as leaders in seven out of 13 vehicle segments. On the quality front, we've also received some excellent news recently.
In the latest J.D. Power Initial Quality Study, GM had the top three highest quality assembly plants in North and South America, and we took the top position in five vehicle categories. And, we had similar favorable results in the Strategic Vision 2005 Total Quality Study.
We are pleased that consumers are recognizing our quality, but we know we can and must do better. And the same is true for our cost position. We have a number of cost reduction initiatives in place, but I want to briefly highlight three that we think are especially high leverage going forward.
First, we are re-energizing our global sourcing efforts. While we've had an effective approach in purchasing for a number of years, our move to a global product development system, accompanied by the emergence of excellent supply capability in lower cost markets, provide us with some real cost savings opportunities. Bo Andersson and his purchasing team, working closely with Engineering, are restructuring their purchasing model to take full advantage of this.
Second, Gary Cowger and his global manufacturing team are proactively driving best practice sharing on a worldwide basis now. We believe that this, combined along with enhanced manufacturing flexibility and the ability to look at capacity utilization on a global basis, will provide significant structural cost savings going forward.
And finally in the cost reduction area, we need to get to 100% capacity utilization, or better. With the plant closing and idling announcements in North America in recent months, we'll have reduced our annual assembly capacity from six million units in 2002 to five million units by the end of this year.
Going forward, in order to achieve full capacity utilization based on conservative volume planning scenarios, we expect to close additional assembly and component plants over the next few years, and to reduce our manufacturing employment levels in the U.S. by 25,000 or more people in the 2005 to 2008 period. We project that these capacity and employment actions will generate annual savings of approximately $2.5 billion.
Health Care Costs
The fourth, and perhaps the most challenging element of our North American turnaround, is addressing our health care burden.
Our $1,500 per unit health care expense represents a significant disadvantage versus our foreign-based competitors. Left unaddressed, this will make a big difference in our ability to compete in investment, technology, and other key contributors to our future success.
We've worked the health care topic hard for a long time, and from every angle — with governments, providers, consumers — with a focus on better quality health care, and greater cost effectiveness. And, we've made progress in these areas .. but, frankly, the continuing double digit U.S. inflation in health care costs is swamping that progress.
This rapidly rising health care burden is not, in fact, unique to GM — it is a critical national competitiveness issue for the United States, affecting our entire economy's long-term strength. It's clear that the health care crisis could benefit from stronger leadership by governments at all levels, and by business, and consumers, too — and I want to assure you that we at GM are not giving up our commitment to work proactively and constructively in these areas.
But, it's equally clear to us that that these efforts are not yielding the progress that we need, fast enough, and that the health care crisis is putting our future at stake .. and so, we must act now.
In recent weeks, we have been in intense discussions with the UAW and our other unions focused on a cooperative approach to significantly reduce our health care cost disadvantage. We have not reached an agreement at this time, and, to be honest, I'm not 100% certain that we will, but all parties are working hard on it, in the spirit of addressing a huge risk to our collective futures while providing greater security and good benefits for our employees.
What happens if we can't reach agreement with the UAW on this matter promptly? Well, I don't believe that it serves a useful purpose to speculate on that. Let me just emphasize that our very strongly preferred approach is to do this in cooperation with the UAW, because we're convinced that is the best way for our employees, our stockholders, all our constituents.
Frankly, over the past decade, we've had periods of conflict with the UAW, and periods of cooperation. While both may have yielded improved competitiveness for GM, it is clear to us that working this challenging issue together, on a cooperative basis, is the best alternative for all concerned. So, we owe it our best efforts to try to make that work, and if that takes a little longer that way, then we need to give it that time.
But either way, it is crystal clear that we need to achieve a significant reduction in our health care cost disadvantage, and to do so promptly. We are committed to do that.
Balance Sheet Strength, GMAC
Finally, today, I want to comment briefly on our balance sheet, liquidity, and GMAC. The recent credit downgrades have put a lot of pressure on us, especially GMAC. But they highlight the importance of the strong liquidity position that we've built up in recent years under John Devine's leadership, and validate the need for a solid cash base in our business — which is very cyclical, and requires heavy capital spending even when times are lean.
We are very cognizant of the pressures that the credit ratings and resulting restrictions in funding availability have placed on GMAC. GMAC is a business that is very important to GM. Besides their steady contribution to our overall earnings and financial strength, GMAC provides significant support in the sale of GM's cars and trucks around the world, at both the wholesale and retail level. This "hand-in-glove" working relationship between GM Auto and GMAC provides ample benefits to our dealers and our stockholders, and is critical to our ability to compete in the marketplace. Also, through its association with GM, GMAC benefits significantly in its insurance and residential mortgage businesses, as well.
So, our challenge now is to find a way to maintain and even grow these important benefits to our stockholders, while proactively addressing the impact of our credit situation on GMAC's competitiveness. We are now in the midst of a detailed study of the strategic options that are available to us.
Our objective is to insure GMAC's access to liquidity and funding cost competitiveness, and continued support of mutual synergies — all of which will optimize the value of GMAC for our stockholders. In the meantime, GMAC has robust liquidity, and so is effectively positioned to continue to support auto sales and its mortgage and insurance business, and contribute strong earnings.
Conclusion
I appreciate your patience and your support in our plan to get GM North America back on track. We have some serious challenges to address, but we also have a solid base to build off. We've got a clear focus on the necessary steps to get GM North America back to profitability as soon as possible, and we are addressing them with intense focus and a great sense of urgency. Combining this with the positive performance we see in our other four business units — GMAC, GM Europe, GM Asia Pacific, and GM Latin America, Africa and Middle East — I'm confident that GM's overall business and financial performance will be back to the level that our stockholders expect, and deserve.
Thank you.
Source: PR Newswire
EXECUTIVE COMPENSATION
G. Richard Wagoner, Jr. Chairman of the Board, Chief Executive Officer
Held current title since: 2003 Director since: 1998 Officer since: 1989 Age: 52
Mr. G. Richard Wagoner, Jr. has been Chairman and Chief Executive Officer,
General Motors Corporation, since May 1, 2003; held offices of President and
Chief Executive Officer (2000-2003), President and Chief Operating Officer
(1998-2000); joined General Motors Corporation in 1977.
Compensation Options . Salary $2,200,000 Number Value Bonus $2,460,000 Exercised 0 $0 Other Short-Term $77,962 Unexercised but Exercisable 1,805,547 $1,667 Long-Term Compensation $79,058 Unexercised but Granted 933,331 $3,333 Total $4,817,0 Total $5,000 Data reflects Year Ended Dec. 31, 2004
John M. Devine Vice Chairman and Chief Financial Officer
Held current title since: 2001 Officer since: 2001 Age: 60
Mr. John M. Devine was named Vice Chairman and Chief Financial Officer of
General Motors Corporation, effective January 1, 2001. He has responsibility for
GM's Worldwide Financial Operations, GM Asset Management, and Economic
Development and Enterprise Services. He is a member of the GM Automotive
Strategy Board and serves as its global process leader for finance. Mr. Devine
was Chairman and Chief Executive Officer of Fluid Ventures, LLC, immediately
prior to his GM appointment. He retired from Ford Motor Company in October 1999,
after a 32 year career, as the company's Executive Vice President and Chief
Financial Officer.
Compensation Options . Salary $1,550,000 Number Value Bonus $1,400,000 Exercised 0 $0 Other Short-Term $11,417 Unexercised but Exercisable 866,669 $667 Long-Term Compensation $466,234 Unexercised but Granted 493,331 $1,333 Total $4,223,651 Total $2,000 Data reflects Year Ended Dec. 31, 2004
Thomas A. Gottschalk Executive Vice President, Law and Public Policy and
General Counsel
Held current title since: 2001 Officer since: NA Age: 62
Mr. Thomas A. Gottschalk has been associated with General Motors since 1994. He
previously held the position of Senior Vice President and General Counsel. He
was elected to the position of Executive Vice President of General Motors with
primary responsibility for Law and Public Policy on May 25, 2001. He retains the
General Counsel responsibility in his current position and is also responsible
for the Office of the Secretary. He is a member of the Automotive Strategy Board
and is the global process leader for Law and Public Policy. Prior to General
Motors, he was a partner and member of the management committee of the law firm
of Kirkland & Ellis in Washington, D.C.
Compensation Options . Salary $950,000 Number Value Bonus $736,000 Exercised 0 $0 Other Short-Term $10,863 Unexercised but Exercisable 500,790 $300 Long-Term Compensation $37,994 Unexercised but Granted 178,665 $600 Total $1,734,857 Total $900 Data reflects Year Ended Dec. 31, 2004
Gary L. Cowger Group Vice President and President, GM North America
Held current title since: 2003 Officer since: 2003 Age: 57
Mr. Gary L. Cowger has been associated with General Motors since 1965. Mr.
Cowger was elected a Vice President of General Motors Corporation, effective
October 1, 1994. On September 1, 1994, he was appointed President and Managing
Director of General Motors de Mexico. Mr. Cowger was then named Vice President,
Manufacturing, General Motors Europe, on January 1, 1998 and Chairman and
Managing Director of Adam Opel AG effective June 19, 1998. Mr. Cowger became
Group Vice President - Labor Relations, on November 1, 1998 and Group Vice
President in charge of GM Manufacturing and Labor Relations on January 1, 2001.
He was named GM Group Vice President and President of General Motors North
America on November 13, 2001. He is a board member of GMAC, a member of the
Automotive Strategy Board, global process leader for Manufacturing, and Chairman
of the North America Strategy Board.
Compensation Options . Salary $850,000 Number Value Bonus $659,000 Exercised 0 $0 Other Short-Term $17,303 Unexercised but Exercisable 218,656 $183 Long-Term Compensation $25,307 Unexercised but Granted 116,665 $367 Total $1,551,610 Total $550 Data reflects Year Ended Dec. 31, 2004
|
To
send us your comments, questions, and suggestions click
here |