General Motors CEO to Make $9 Million a Year
Is this a sign of bad things to return? The chief executive of General Motors, Daniel F. Akerson, will receive up to $9 million in annual compensation, including $1.7 million in cash. The cost of concessions for the average auto worker $7,000 to $30,000 in annual pay, according to the United Auto Workers so that some of these Armani wearing fat cats can get the high $$$.
Autoblog reports that Dan’s colleague at Ford – CEO, Alan Mulally – makes substantially more. He netted $17.9 million in cash and bonuses in 2009. GM and Chrysler had to offer less because of they received Govt. bailout funds.
Mr. Akerson’s pay package, which G.M. disclosed Friday in a regulatory filing, is structured the same as that of his predecessor, Edward E. Whitacre Jr., who stepped down as chief on Sept. 1 but will remain chairman until the end of the year. The compensation was approved by Kenneth R. Feinberg, the government’s special master for executive compensation under the Troubled Asset Relief Program, which lent about $50 billion to G.M., the company said in the regulatory filing.
Mr. Akerson, the fourth chief at G.M. since March 2009, will receive $5.3 million a year in stock, paid over three years starting Sept. 30, 2011, and $2 million a year in restricted stock under a long-term incentive plan, G.M. said. Mr. Whitacre is scheduled to begin receiving his stock in 2012.
