GM slashed executive pay 36% last year

April 14, 1992|By New York Times News Service

DETROIT -- Officers and top executives of General Motors Corp. suffered a 36 percent pay cut in 1991, according to the automaker's proxy statement published yesterday.

GM directors last week removed Robert C. Stempel, chairman and chief executive, as head of the executive committee.

Mr. Stempel, 58, was GM's highest-paid executive, receiving $1 million in salary. His pay was down 31 percent from $1.44 million in 1990.

The company, which lost $4.5 billion in 1991 -- the worst loss in U.S. corporate history -- said the "reduced level of compensation for GM's entire officer group in 1991 reflected another year of declining business conditions and lower corporate results."

Overall, GM's top 57 officers and executives earned $14.8million, down 36 percent from the $23.27 million paid in 1990.

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