Think you’ve seen the last of Fritz Henderson? The former General Motors CEO is now serving as a consultant at — of all places — General Motors.
Henderson, who abdicated the CEO throne on December 1, 2009, was rehired to an unnamed GM subsidiary, where he will advise on international operations. Henderson will work on a monthly basis, spending 20 hours each month consulting, and will meet with GM’s international operations management once every 30 days.
Henderson will reportedly earn $59,090 each month — $2955 an hour, which roughly equates to a $709,080 annual salary. The contract expires on December 31, 2010, although it could end sooner.
In the meantime, GM’s current CEO, Ed Whitacre, has just been handed a compensation package valued at $9 million. The deal includes a base salary of $1. 7 million (identical to Henderson’s pay when he was CEO), $5.3 million in GM stock (payable over three years), and an extra $2 million of restricted stock. According to GM, the payment plan has been approved by the government-imposed “pay czar.”
Source: The Detroit Free Press