General Motors nearly doubled the compensation for its chief executive, Rick Wagoner, last year, even though he voluntarily reduced his salary to aid the automaker?s restructuring effort, G.M. disclosed Friday in its annual proxy filing. G.M. valued Mr. Wagoner?s 2006 pay package at $10.2 million, up from $5.5 million in 2005. Most of the compensation came in the form of stock awards and options, and he received no bonus for a second year. Mr. Wagoner?s base salary, which had been $2.2 million since 2003, was cut to $1.3 million last year at his request. Executive compensation is being watched particularly closely this year by the United Automobile Workers union, whose contract with the Detroit automakers expires in September. Negotiations for a new labor agreement will begin this summer.
See "G.M. Chief?s Compensation Rises Despite Cut in Salary", Nick Bunkley, The New York Times, April 29, 2007