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General Motors Corp. said Thursday that Chief Executive Rick Wagoner will earn a salary of $2.2 million in 2008, restoring his base pay to the level it was before he took a pay cut in 2006 as part of the company's turnaround plan.

GM said its board of directors, which met Monday, also voted to give the company's new president and chief operating officer, Fritz Henderson, a salary of $1.8 million.

The board's action restores Wagoner's salary to the level it was from 2003 to 2005. Wagoner accepted a pay cut in 2006, and his salary was $1.28 million that year.

GM will release Wagoner's 2007 pay level later this spring.

Both Wagoner and Henderson were granted shares of GM stock and will make additional money if they meet internal targets for earnings, cash flow, market share and quality and warranty performance, GM spokeswoman Julie Gibson said. Gibson wouldn't reveal specifics about those targets.

Wagoner is eligible for up to $3.5 million in incentive payments and a grant of 165,563 shares of GM stock if he meets the targets. He will also receive 500,000 stock options that will vest over three years and 75,000 restricted stock options that will vest in three to five years.

Henderson is eligible for up to $2.4 million in incentive payments and a grant of 110,376 shares of GM stock, in addition to 250,000 stock options and 60,000 restricted options.

GM's board also voted to give Ray Young, who is replacing Henderson as executive vice president and chief financial officer, a base salary of $900,000, with an incentive payment worth up to $945,000 and 16,557 shares of GM stock. Young was also awarded stock options.

GM lost a record $38.7 billion in 2007, largely due to a charge for unused tax credits. Excluding the charges and other one-time items, the company lost $23 million. That was down from a profit of $2.2 billion in 2006.

GM shares fell 54 cents, or 2 percent, to $22.43 in late afternoon trading on the New York Stock Exchange.
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