The Detroit News reports:
"Orlando, Fla. -- General Motors Co's top 25 senior executives, whose pay packages are being reviewed by the Treasury Department, are "way, way, way" underpaid, GM Vice Chairman Bob Lutz said Friday.
His comments came as Treasury officials review 2010 pay for GM executives, whose salaries must be approved by the agency's pay czar, Ken Feinberg. That's because GM is among companies that received billions in federal money under the $700 billion Troubled Asset Relief Program.
The executives' compensation is expected to include GM stock, which might start being sold to the public late this year. If the stock appreciates, top executives could be in for a windfall.
But right now, those salaries are lagging the market, Lutz said in an interview with The Detroit News on the sidelines of the National Automobile Dealers Association annual convention, which begins in earnest today.
"What you see is what you get, and it ain't a lot," said Lutz, keynote speaker at a roundtable Friday. "All I know is, right now, we are given our responsibility. And given the rigors of the job and demands and the accountability, I would say we are being paid way, way, way below market..."
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