Daily Auto News Your Tax Dollars at Work: Fired GM CEO Returns as High-Priced Consultant
Daily Auto News
$3,000 per hour. Not bad for government work. Especially for the recently fired.
The Detroit Free Press reports that former General Motors CEO Fritz Henderson, who led the company for a brief period shortly before and after it declared bankruptcy last year, “has been hired as a consultant to advise on GM’s international operations.” Henderson “will provide about 20 hours of consulting work each month and participate in one meeting per month with the president of GM’s international operations or his designated representative. In exchange, Henderson will be paid $59,090 per month plus expenses.”
The deal Motor Trend notes is good for “the equivalent of a $709,080 per year salary, or about $2,955 an hour based on his 20-hour-per-month work schedule.”
Henderson, Motor Trend reminds us, “resigned (or was forced to, depending on what story you believe) from GM on December 1.” It’s not clear what role U.S. government officials may have had in the resignation. Post-bankruptcy, taxpayers own more than 60 percent of GM, but the government is said to have little day-to-day control of the company.
Washington may have some influence, however, over the pay scale. Autoblog notes that the hiring is “waiting on approval from the Treasury pay czar.”
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