GM CEO Dan Akerson asks US Treasury to ease pay restrictions of execs

Article by Christian Andrei, on December 12, 2010

In order to prevent the loss of talented people from General Motors Co., CEO Dan Akerson is asking for "some relaxation" in the limitations on executive pay enforced by the U.S. government. At the Economic Club of Washington, D.C., Akerson said that GM has to be competitive and keep the talent that it has. He revealed that GM is “starting to lose them now."

Akerson said that he is set to meet with the U.S. Treasury's special paymaster to talk about the matter of executive compensation.

According to a Detroit News report, GM salaried employees will not get salary raises in 2011. The newspaper said that GM's salary freeze is being maintained to "lead by example," as GM works to rebuild its balance sheet after its restructuring.

Akerson has led GM through its initial public offering in November that lowered the U.S. Treasury's stake from 61% to about 33%.

GM’s IPO arrived just a little more than one year after it had gone through a restructuring in bankruptcy supported by the Obama administration.

Akerson’s speech had singled out several major points that GM and its bankers told investors during the run-up to the record $23.1 billion share offering. [via autonews - sub. required]

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
Volvo has revealed that while its products are used by a number of police organizations around the world, it will be the Swedish police that will get the first chance...
by - December 2, 2016
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