GM ends Wagoner’s pay cut

General Motors Corp. is ending the self-imposed pay cut Chief Executive Rick Wagoner took in 2006 just after the company posted a $10 billion annual loss.

Wagoner's annual salary will be restored to $2.2 million this year, the same as he earned in 2003 through 2005, GM said Thursday in a regulatory filing with the U.S. Securities and Exchange Commission. His base salary was $1.3 million in 2006. The company hasn't announced Wagoner's 2007 total compensation.

In addition to his salary, Wagoner, 54, also will get shares of GM stocks and bonuses if he meets certain targets.

Wagoner accepted the pay cut to aid a turnaround plan that called for shuttering U.S. factories and laying off tens of thousands of workers.

"This says they're getting back to business as usual," said David Cole, chairman of the Center for Automotive Research in Ann Arbor. "He has met key objectives. And, when you meet the objectives of a corporation, you're rewarded."

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