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March 10, 2010 > GM to pay Girsky $5M after getting promotion

GM to pay Girsky $5M after getting promotion

Submitted By AP Wire Service

DETROIT (AP), Mar 05 - General Motors Co. reported Friday that newly promoted Vice Chairman Stephen Girsky is getting $5 million in a package that includes salary and stock.

Girsky, 47, named vice chairman of corporate strategy and business development last month, will receive a $500,000 annual salary, $3 million in salary stock and $1.5 million in restricted stock, according to a filing with the Securities and Exchange Commission.

Girsky was a longtime Wall Street auto analyst named to the automaker's board of directors last July representing the United Auto Workers union. GM disclosed in January it was paying Girsky $1.1 million a year in cash and company stock for his dual role as board member and adviser to Chairman and CEO Ed Whitacre.

GM said in the filing that Girsky will continue as a board member. The revised pay package was completed Monday.

Whitacre, an auto industry newcomer when he joined GM last summer, has said he relies heavily on Girsky's advice.

GM also disclosed Friday it named board member Patricia Russo lead director. The former chief executive of French-American telecommunications equipment maker also joined GM's board last July.

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