DETROIT -- The compensation of General Motors' top executives dropped dramatically last year, according to GM's proxy filing made public on Friday.
CEO Rick Wagoner, 53, had total compensation of $5.5 million in 2005. That's down nearly half from his 2004 compensation of $10.1 million.
Robert Lutz, 74, vice chairman and head of global product development, earned $3 million last year, compared with $6.5 million in 2004.
John Devine, 61, GM's vice chairman and former CFO, earned $3.9 million last year, compared with $6.4 million in 2004. Devine remains a vice chairman, but Fritz Henderson, 47, replaced him as CFO late last year.
GM's Executive Vice President of Law and Public Policy, Thomas Gottschalk, 63, took home nearly $2 million in 2005, down from $2.9 million in 2004.
Gary Cowger, 59, GM's vice president of global manufacturing and labor relations, received total compensation of $1.7 million in 2005, compared with $2.2 million in 2004.
GM reported a 2005 loss of $10.57 billion. In February the board voted to reduce all senior executive salaries for 2006.
Wagoner's base salary of $2.2 million will be cut in half. Gottschalk's base salary will be cut 10 percent.
The base salaries of Lutz, Devine and Henderson will be cut 30 percent.
You may e-mail Jamie LaReau at [email protected]