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View Full Version : New GM CEO's pay package worth $9 million



warpig
09-12-2010, 12:05 AM
http://news.yahoo.com/s/ap/20100910/ap_on_bi_ge/us_gm_ceo_pay_4

DETROIT New General Motors Co. CEO Daniel Akerson will get the same $9 million pay package as the man he replaced, Ed Whitacre.

Akerson, a former telecommunications industry and private equity executive, will receive $1.7 million in annual salary, $5.3 million in short-term stock payable over the next three years, and another $2 million in stock that's part of the company's long-term executive compensation plan.

The automaker, which is 60.8 percent owned by the U.S. government, disclosed the pay package in a filing on Friday with the Securities and Exchange Commission. It is identical to what the company disclosed for Whitacre in February.

Akerson also is on GM's board of directors, but will receive no compensation for his duties there, the filing said.

Akerson, GM's fourth CEO in less than two years, took over leadership of the company on Sept. 1.

Whitacre, CEO since December, said he stepped down because the company needed a chief executive who would be in charge long after it sells stock to the public. The sale, called an initial public offering, is expected in mid-November.

Rockntractor
09-12-2010, 12:23 AM
Wouldn't that make him the highest paid government employee?

warpig
09-12-2010, 12:29 AM
Wouldn't that make him the highest paid government employee?

:D

Big Guy
09-12-2010, 12:34 AM
Yet another reason to drive a FORD. :D

m00
09-15-2010, 01:13 AM
Wouldn't that make him the highest paid government employee?

Are we counting bribes & perks?