GM Pays Millions to Wagoner

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General Motors Corp. Chairman and Chief Executive Rick Wagoner received compensation that the company valued at $9.57 million during 2006, according to a regulatory filing made on Friday.

Wagoner received more than $1.28 million in salary and $769,566 in other compensation, including $51,941 for personal use of company aircraft and $284,523 for security, according to the filing with the U.S. Securities and Exchange Commission.

The fair value of stock and option awards granted to Wagoner last year totaled $7.52 million.

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. The company encourages him to use corporate aircraft for personal use.

The Associated Press calculates total pay including executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year. The calculations don't include changes in the present value of pension benefits or the company's cost of stock and options granted before 2006, and the figures can differ from the company's total.