General Motors will pay new CEO Dan Akerson $1.7 million in cash annually

Article by Christian A., on September 12, 2010

As part of General Motors Co.’s long-term incentive plan, new CEO Dan Akerson will receive $1.7 million in cash annually, plus $5.3 million in stock over the next three years. Akerson will also get $2 million in restricted stock, according to a regulatory filing from GM.

On Sept. 1, Akerson, who is 61 years old, took over as CEO from Ed Whitacre so that GM would have a longer-term executive.

Nonetheless, Whitacre who is 68 years old will remain as chairman until the end of the year. GM, which is 61% owned by the US Treasury, is preparing an initial public offering to start getting itself out of the clutches of government ownership.

Akerson is a former managing director of the Carlyle Group. In an interview, David Cole, chairman of the Center for Automotive Research in Ann Arbor, Michigan, said that Akerson’s compensation is “relatively small” when compared to other industries.

He also said that the heads in the automotive industry “aren't at the top of the compensation pyramid like they were 30 or 40 years ago.”

In the last 18 months, there had been a succession of four CEOs at GM. Following its bankruptcy in June 2009, GM had received a $50 billion taxpayer bailout.

GM’s latest regulatory filing revealed that Whitacre, who became chairman in July 2009 and CEO in December, will receive $300,000 for his four months that he remains on board.

Akerson's compensation package is a match to one GM planned for Whitacre that was disclosed in a regulatory report filed on Feb. 19.

Noreen Pratscher, a GM spokeswoman, said that GM’s board and the special master on executive compensation for the Troubled Asset Relief Program decided on Akerson's pay. [via autonews - sub. required]

Topics: dan akerson, ceo, gm

If you liked the article, share on:

Comments

Recommended

There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries