GM Execs Forego Bonuses

For the second consecutive year, General Motors Corp.'s two top executives — Chairman Jack Smith and CEO Rick Wagoner — didn't receive a bonus as part of their yearly compensation, GM's proxy statement says.

Also by-passed for 2002 are CFO John Devine and Bob Lutz, chairman-GM North America and vice chairman-product development. Both got bonuses in 2001.

GM's executive compensation committee decided not to award cash bonuses due to “the current economic environment,” according to the proxy statement.

In the absence of cash bonuses, restricted stock units will be delivered upon retirement or mutual separation.

Smith's base salary declined for the second consecutive year to $1.025 million after making $1.45 million in 2001. Other compensation totaled $187,773, and Smith was awarded 300,000 shares of common GM stock. He retired May 1.

Wagoner's 2002 base pay stayed the same as 2001 — $2 million. He made $34,382 in other compensation and received 600,000 shares.

Devine's base salary stayed at $1.45 million. He received $428,953 from other compensation. Lutz's pay jumped from $483,333 in 2001 to $1.45 million in 2002. Other compensation totaled $120,734.