GM's Lutz says executive pay 'way' too low

ORLANDO, Fla., Feb. 12 (UPI) -- General Motors Co. Vice Chairman Bob Lutz in Florida Friday said GM's top 25 executives are a sorely underpaid lot.

"What you see is what you get, and it ain't a lot," Lutz told The Detroit News in Orlando, Fla., where industry leaders are gathering for the annual National Automobile Dealers Association convention.

"Given the rigors of the job and demands and the accountability, I would say we are being paid way, way, way below market," Lutz said.

The Treasury Department through the office of Ken Feinberg has set pay levels for a few companies that remain beholden to the government due to massive federal bailouts.

The government bought 61 percent of GM last year with $50 billion in assistance as the company went through bankruptcy.

In October, Feinberg limited pay at GM for most of the top 25 executives to less than $500,000 per year. Salaries for most were cut 31 percent, with total compensation cut 20 percent, the News reported.

Current Chairman of the Board and CEO Ed Whitacre Jr. retired from his top job at AT&T in 2007 with a retirement package worth $158 million. His pay at GM has not been disclosed, but a Treasury spokeswoman said a decision would be issued soon.