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GM chief's pay put at $9.57m

DETROIT -- General Motors Corp. chairman and chief executive Rick Wagoner received compensation that the firm valued at $9.57 million during 2006, the struggling automaker disclosed in a regulatory filing yesterday .

Wagoner was paid $1.3 million in salary and received stock and option awards valued at $7.5 million on the date they were granted, GM's filing with the Securities and Exchange Commission said.

He also received $769,566 in other compensation, including $284,523 for home and personal security, $247,907 in life insurance benefits, and $51,941 for personal use of company aircraft.

According to the filing, Wagoner and the company's five other executive officers received no bonuses last year. Also, Wagoner took a 25 percent pay cut from Jan. 1, 2006 salary as part of the company's turnaround plan.

Company vice chairman for global product development Bob Lutz received $5 million in compensation, the filing showed. His 2006 salary was $1.2 million, a 15 percent cut. He received $445,679 in other compensation, including $214,159 in personal use of company aircraft. The fair value of stock and option awards to Lutz last year totaled $3.5 million on the grant date.

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