Ex-GM Exec Comes Back to GM at $3,000/Hour

Wednesday, February 24, 2010
Posted in category Automobile Industry

And Fritz Henderson ain’t even a union guy. Fritz, who was fired by the Obama administration after only eight months as GM’s CEO, brings that big eight months of experience back to floundering GM for $3,000 per hour.

Instead, here he is popping up again, this time as a consultant to GM on international operations at the very fancy fee of $59,090 a month for 20 hours of work a month. That works out to almost $3,000 an hour for a CEO who was ousted after just eight months on the job.

Is this one of those phony retired CEO arrangements, where the outgoing guy gets a fancy advisory deal to pass on his accumulated knowledge and wisdom to his successor? The phone may never ring, but the retiree gets to pocket a nice piece of change and an opportunity to pretend that he’s still in the game.

In case you were worried about current CEO Ed Whitacre, don’t be – his compensation will be $9 million this year.

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4 Responses to Ex-GM Exec Comes Back to GM at $3,000/Hour

  1. liberranter says:

    February 25th, 2010 at 1:07 am

    Given the path that the dollar is on, $3000 an hour in a few years will be the equivalent of $3.00 an hour today. Just think of it in those terms, and you’ll realize that ol’ Fascist Fritz is getting EXACTLY the pay he deserves.

  2. Failed Exec of Government Motors Comes Back at Rate of $3,000/Hour. « LewRockwell.com Blog says:

    February 25th, 2010 at 7:29 am

    [...] CEO Ed Whitacre, don’t be – his compensation will be $9 million this year. As one commenter on my blog said, “Given the path that the dollar is on, $3,000 an hour in a few years will be the equivalent [...]

  3. M. Terry says:

    February 25th, 2010 at 12:57 pm

    Gosh – I’d be willing to run the company into the ground for about half that figure…

  4. Jeannie Queenie says:

    February 25th, 2010 at 11:48 pm

    Karen, you don’t understand…it is all about entitlements. It’s like this, you can run your auto company into the ground, have the govt take it over, and pay you big bucks to do it again. Sort of like the Wall st guys/banks/Goldman Sachs/Barney Frank–fannie mae, freddie mac…they all screwed up and all are rewarded and can go back for another round of messing up. From a recent USA Today article regarding the pay of govt workers….that is, if you think they REALLY work..Take note of the Transportation dept that started with only 1 worker who made $170,000 and now they hired 1,690 workers for that dept and EACH ONE OF THEM MAKES THE SAME $170,000. How ’bout them apples? Sour apples loaded with worms for the taxpayer. USA Today’s Dennis Cauchon reveals how many federal workers earning six-figure salaries has exploded during the recession. “Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants during the recession’s first 18 months — and that’s before overtime pay and bonuses are counted… The highest-paid federal employees are doing best of all on salary increases. Defense Department civilian employees earning $150,000 or more increased from 1,868 in December 2007 to 10,100 in June 2009, the most recent figure available. When the recession started, the Transportation Department had only one person earning a salary of $170,000 or more. Eighteen months later, 1,690 employees had salaries above $170,000. The trend to six-figure salaries is occurring throughout the federal government, in agencies big and small, high-tech and low-tech.” Translation: No translation needed.” So seeing as the transportation dept is spreading the wealth, and seeing as GM is a transportation company, one wonders why transportation is being given more credence than say other depts equally or more important. Wierd to say the least–but then so is the federal scene today.

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