GM CEO Should Forfeit Salary, Poll Says
NEW YORK (TheStreet) -- General Motors' CEO Ed Whitacre should forfeit a salary, according to TheStreet users.
In our weekly poll, 53.4% said Whitacre shouldn't take a salary, compared to the 46.6% said he deserved to be paid.
As GM attempts to dig out of its hole of debt, it apparently doesn't seem right to many that he take any more money out of the company. The counterargument: depriving Whitacre of a salary is a bad idea, as he is considered an experienced and efficient CEO.
Whitacre accepted the permanent position on Monday and also announced that GM will repay all of its outstanding debt -- which includes a $6.7 billion loan provided under the Troubled Asset Relief Program and $1.4 billion owed to Canada -- by June. The debt is not scheduled to come due until 2015, but Whitacre says he believes it is in the best interest of the company -- and its sales -- to free itself of that debt as soon as possible.Whitacre became the government-appointed interim CEO last month, after Fritz Henderson was let go. At the time, Whitacre said he had no intention of staying in the role long-term. Whitacre received $150,000 as chairman of GM and $200,000 for serving as a board member.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV