GM Pays Vice Chairman $4.8 Million, CEO $2.6 Million

DETROIT AP reported that General Motors Corp. said Thursday that vice chairman John Devine was its top-paid executive last year at $4.82 million, while chief executive Rick Wagoner received $2.56 million.

Devine and new vice chairman Bob Lutz were the only top executives to get an annual bonus. Devine's bonus was provided for in his employment contract.

The information came in the annual proxy statement by the world's No. 1 automaker. It said none of its top executives exercised stock options in 2001.

GM said Wagoner got a $2 million salary, $480,000 in long-term incentives and $84,000 in other compensation.

Devine got a $1.45 million salary, $1.5 million in annual incentives, $1.38 million in long-term incentives and $488,000 in other compensation.

Chairman Jack Smith got $2.53 million -- $1.45 million in salary, $835,000 in long-term incentives and $239,000 in other compensation, GM said.

Executive vice president John Finnegan got a total of $1.29 million, while Lutz got $983,000, GM said.

GM earned $1.48 billion in 2001, down from $4.97 billion in 2000. Revenue fell to $177 billion from $183 billion in 2000. In 2002's first quarter, the automaker earned $228 million on revenues of $46.3 billion.

In trading Thursday on New York Stock Exchange, GM shares fell 87 cents to close at $64.08.