No bonuses for top GM executives: report

NEW YORK Thu Mar 29, 2007 1:11am EDT

General Motors Chairman and Chief Executive Officer Rick Wagoner introduces the Buick Enclave in Pasadena November 28, 2006. General Motors Corp., which significantly improved its financial performance in 2006 but did not make a profit, will not pay cash bonuses to top executives for the second consecutive year, the New York Times reported. REUTERS/Gus Ruelas

General Motors Chairman and Chief Executive Officer Rick Wagoner introduces the Buick Enclave in Pasadena November 28, 2006. General Motors Corp., which significantly improved its financial performance in 2006 but did not make a profit, will not pay cash bonuses to top executives for the second consecutive year, the New York Times reported.

Credit: Reuters/Gus Ruelas

NEW YORK (Reuters) - General Motors Corp. (GM.N), which significantly improved its financial performance in 2006 but did not make a profit, will not pay cash bonuses to top executives for the second consecutive year, the New York Times reported.

GM spokeswoman Renee Rashid-Merem told the Times that the decision affected about 20 people, including Chief Executive Rick Wagoner and Vice-Chairman Robert A. Lutz.

Full details on executives' compensation will be released next month when the company files its annual proxy statement, the Times said.