Saturday, January 16, 2010

GM: Senior adviser to Chairman to get Million Dollar Salary

Steve Girsky is the man who is under a lot of discussion right now because of his salary. He was a director at General Motors and now, he’s going to act as senior adviser to chairman and CEO Edward Whitacre.

Reuters reported:
Whitacre, who had no auto industry background before joining GM, has said he is relying heavily on Girsky's guidance as he pushes a new management team toward a goal of returning GM to profitability as soon as this year.
GM, which emerged from bankruptcy in July more than 60 percent held by the U.S. Treasury, said its board of directors approved the terms of Girsky's consulting agreement on Tuesday and he will be paid retroactive to Dec. 1.

He used to get 200,000 in his old position and now he is going go get another 900,000 per year. It is a lot of money but giving advice in companies like GM is not an easy matter either.