How much the top executives of bailed-out General Motors Co. are paid is a subject that many people, especially in government, find interesting. Ford Motor Company had more than $25 million in stock awards. According to a statement GM filed last Thursday with the U.S. Securities and Exchange Commission, Dan Akerson was paid only $2.53 million in 2010.
This is only 1/20th of what Ford’s top executive received. However, it should be noted that Akerson has only been the CEO of GM for four months.
He got $566,667 in salary plus $1.76 million in stock awards for his contribution since he started on the job on Sept.1. His pay includes the work as chairman of the board of directors.
Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware in Newark, Delaware, said that these salaries are “not outrageous” for a company of GM's size.
For 2011, Akerson’s full-year compensation package will amount to $9 million (similar to what his predecessor earned), which includes $1.7 million in base salary and $7.3 million in stock bonuses.
Chrysler CEO Sergio Marchionne didn’t receive a salary in 2010 but he got a compensation of $4.8 million as CEO of the Italian partner of Chrysler.
Meanwhile, Bob Lutz, the former GM vice chairman and product chief, has been giving advice to GM but he won’t receive payment this year. Lutz said that when news came out that he will get compensation, it “caused a big stir in the Treasury Department."