Pay cuts continue for GM execs

NEW YORK (CNNMoney.com) -- General Motors' CEO Rick Wagoner and other top executives at the troubled U.S. automaker will continue to take the voluntary pay cut that was announced in February 2006, a filing revealed Friday.

Wagoner, along with CFO Frederick Henderson and Vice Chairman Robert Lutz will continue voluntary salary reductions that began after shareholder Kirk Kerkorian urged the company's board to demonstrate a sense of shared sacrifice, the company disclosed in a filing with the Securities and Exchange Commission.

GM CEO Rick Wagoner

Wagoner originally had his pay slashed 50 percent, while other top officers' pay was cut by 10 to 30 percent. Outside directors of the company also had their compensation cut 50 percent.

Wagoner's 2007 salary will be $1.65 million, 25 percent less than his January 1, 2006 base salary of $2.2 million, according to the filing.

The salaries of Henderson and Lutz will be $1.318 million, 15 percent less than their January 1, 2006 base salaries of $1.55 million, the filing disclosed.

With stock awards, options awards, change in pension values, deferred compensations, and additional benefits from life insurance total $10,191,153 according to the release.

Robert Lutz's compensation, adjusted for the additions, totals $8,444,043.

GM (down $0.89 to $31.56, Charts, Fortune 500), the largest American automaker, was recently unseated by Toyota (down $0.35 to $122.00, Charts) as the largest seller of cars globally. [Correction: An earlier version of this story incorrectly stated that GM had been unseated as the largest seller of cars in the American market.]