News From the Auto Industry

GM’s executive compensation committee decided not to award cash bonuses due to “the current economic environment,” according to the proxy statement.

Smith’s base salary declined for the second consecutive year to $1.025 million after making $1.45 million in 2001. Other compensation totaled $187,773, and Smith was awarded 300,000 shares of common GM stock. He retired May 1.

In the absence of cash bonuses, restricted stock units will be delivered upon retirement or mutual separation.