GM CEO's 2007 compensation worth $15.7M

DETROIT — General Motors Corp. Chairman and CEO Rick Wagoner's compensation package for last year is valued at $15.7 million.

That's 64 percent more than 2006 when the package was worth $9.57 million.

GM spokeswoman Julie Gibson says much of the increase is stock incentive awards that are based on future performance.

Wagoner earned $1.56 million in salary and no bonus last year, but he received $1.8 million in incentive awards and stock options valued at $11.7 million.

GM lost a record $38.7 billion in 2007, largely due to a charge for unused tax credits. Without the charges and other one-time items, the company lost $23 million.

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