GMAC, General Motors’ preferred finance division – may have had it tough during the economic slowdown but not so it seems for the company’s CEO Alvaro de Molina who pocketed US$11.62 million (A$18.06 million) in compensation last year.
De Molina’s final compensation figure was made up of $1.2 million in salary, $5.81 million in stock and $4.8 million in other compensation – plus an offset of $194,000. The total figure more than doubling his 2007 earnings of $4.93 million.
The extrodinary figure comes as a surprise to US tax-payers who recently chipped in US$6 billion to assist GMAC. But if it’s any consolation to them and the many hundreds GM employees losing their jobs amid the financial crisis, Mr de Molina won’t have access to the corporate jet in 2009 – a perk that cost GMAC $2.26 million last year.