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GM Drops Executive Bonuses

April 16, 1987|Associated Press

DETROIT — General Motors Corp. directors voted today to end the giant auto maker's 70-year-old executive bonus plan and modify its stock option plan to improve profits.

The plan was heavily criticized this year after GM paid bonuses to executives but said it made too little money last year to make profit-sharing payments to union employees. GM in 1986 paid bonus awards totaling $168.96 million, according to the company's proxy statement. Today's action came about five weeks before the company's annual shareholders meeting.

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