Ex-GM Exec Comes Back to GM at $3,000/HourWednesday, February 24, 2010
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.