Ex Ford Now GM Incoming CFO to receive $4 Million Salary Plus Package

CHICAGO, Dec 9, 2005 Reuters reported that General Motors Corp. said on Friday that new Chief Financial Officer Frederick "Fritz" Henderson will receive a $1.55 million base salary in addition to potential bonus and long-term incentive plans.

GM named Henderson, 47, CFO and a vice chairman effective Jan. 1, succeeding John Devine, who has agreed to stay on for up to one year as a vice chairman to help with the transition.

Devine's base and incentive pay and benefits will remain unchanged for the extension of his five-year agreement, which expires on Dec. 13, GM said. GM will also continue to compensate Devine for the loss of his pension benefit from his prior employer, rival Ford Motor Co. The balance of Devine's special grant of restricted stock units, 50 percent or 95,200 shares, will vest and become payable 18 months after his retirement, GM said.

In 2004, Devine received a $1.55 million salary, $1.4 million bonus, options on 160,000 shares, $796,000 under a long-term incentive plan and a $385,020 contribution to replace his Ford pension, according to GM's proxy.