GM’S GIRSKY PAID $1.4M IN ATTEMPT TO SAVE SATURN
By Mark Kleis
According to recently revealed documents as a result of General Motors’ IPO filing with the SEC, it has been confirmed that Stephen Girsky was compensated $1.4 million for consulting work aimed at saving the Saturn brand.
Prior to joining GM as a member of the adviser board, analyst Stephen Girsky was approached by the automaker in early 2009 in order to provide insight into the potential options to save Saturn, according to Automotive News. Before Girksy joined on full-time in July of 2009, a deal was placed into the bankruptcy proceedings which required the surviving GM to pay Girsky a $1 million fee.
In addition to the $1 million fee outlined in the bankruptcy proceedings, Girsky brought home a $400,000 advisory fee, as well as $50,000 in reimbursement compensation from the “Old GM.”
Girsky continues to be paid well by The General
Despite Saturn being killed off after a failed deal with Penske Automotive, Girsky continues to do very well with GM. As an adviser, the board member receives an annual base salary of $500,000 in cash, in addition to the remaining 90 percent of which compensation – $3 million in stock – which will be paid between 2011 and 2014.
Girsky’s final compensation will come in the form of $1.5 million of “TARP compliant” stock.
source: leftlanenews
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