GM chief's salary and bonus up 2%, to $5.66 million, in '96 Other top bosses' pay also increased

April 17, 1997|By BLOOMBERG NEWS

DETROIT -- General Motors Corp. Chairman and Chief Executive John Smith Jr.'s salary and bonus increased about 2 percent to $5.66 million in 1996 from the year before.

Smith's salary rose almost 17 percent to $1.75 million. The company said it reflected his expanded duties after being named chairman in January 1996. His annual incentive declined 8.6 percent to $1.6 million, while his long-term performance incentive of $2.31 million was almost unchanged.

Smith also received options to buy 200,000 GM shares, up from options for 150,000 shares awarded in 1995.

The company's vice chairman, Harry Pearce, took home $2.95 million in 1996, up 3.2 percent from the year before. He was

named vice chairman in January 1996.

He also received options to buy 101,300 GM common shares and options for 31,400 Class H shares. That compares with 40,000 GM common shares and 22,300 Class H shares the year before.

The compensation packages of two executive vice presidents, Louis Hughes and G. Richard Wagoner Jr., rose 1.9 percent to $2.91 million each. They both received options on 100,000 shares, up from 80,000. Hughes heads the company's international car and truck business, while Wagoner oversees the North American business. C. Michael Armstrong, the chairman and chief executive of the Hughes Electronics subsidiary, saw his salary and bonus rise 0.7 percent to $2.87 million. He received options for 105,000 shares of Class H stock, which is tied to the performance of Hughes Electronics, up from 55,000.

Pub Date: 4/17/97

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