GM President’s Pay was $6.1 Million in 1994
DETROIT (AP) _ General Motors Corp. President Jack Smith was paid $6.1 million in salary, bonus and other compensation in 1994, the first year since 1990 that the No. 1 automaker paid bonuses to most top executives.
Smith’s pay totaled $1.4 million in 1993.
His salary last year was $1.5 million, his bonus totaled $4.2 million, he received other compensation of $22,500 and exercised stock options worth $421,363, according to a proxy statement released Monday by GM.
The company’s profits in 1994 were a record $4.9 billion, nearly twice 1993′s earnings. The company’s core North American automotive unit was profitable for the first time since 1990, earning $690 million after three years of losses that totaled nearly $15 billion.
GM’s hourly workers’ profit-sharing payment, based on North American automotive profits, averaged $550.
Compensation in 1994 to other top GM executives included $3.3 million to Executive Vice President William Hoglund, who retired Jan. 1; $2.7 million to Executive Vice President Louis Hughes; $2.7 million to Executive Vice President Harry Pearce; and $2.7 million to Executive Vice President G. Richard Wagoner.
In afternoon trading Monday on the New York Stock Exchange, GM stock was up 50 cents at $44.12 1/2.
GM was the last of the Big Three automakers to release its proxy statement for 1994.
Ford Motor Co. said last week that Chairman and President Alex Trotman’s compensation in 1994 totaled $8.1 million, doubling his 1993 pay. Ford’s profits for the year were a record $5.3 billion. Profit-sharing payments to Ford workers averaged $4,000.
Chrysler Corp., which also set an earnings record in 1994 with a $3.7 billion profit, paid its top executives less in 1994 than in 1993. Total compensation to Chairman Robert J. Eaton was $6.2 million vs. $9.3 million a year earlier. Chrysler workers received average profit-sharing payments of $8,000.