The base salaries of top executives of the five US companies bailed out by the US government will be known this week. US pay czar Kenneth Feinberg said that the number of top General Motors Co. executives who will receive base salaries of more than $500,000 this year will be reduced.
Feinberg will be releasing the 2010 compensation decisions of these companies that are currently under pay restrictions.
The top 25 executives are restricted from getting over $500,000 in base cash salary unless the company provides a sufficient reason for the higher pay.
In 2009, the US government funded GM's bankruptcy and reorganization, ending up with GM being more than 60% owned by the US Treasury.
In addition, the US government holds a small stake in Chrysler Group, which is under management control of Fiat S.p.A.
At the sidelines of a Society of the American Business Editors and Writers conference, Feinberg said that in GM, there will be some people that he's convinced should be getting more than $500,000 in base cash salary.
But Feinberg clarified that the agency has "cut back" this year. In 2009, there were 14 GM executives who qualified for the exemption. This year, Feinberg says that there will be fewer. [via autonews]