GM paid $11.1 million to CEO Akerson in 2012: source

Wed Feb 27, 2013 1:25pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Deepa Seetharaman

DETROIT (Reuters) - General Motors Co (GM.N: Quote) gave Chief Executive Dan Akerson an $11.1 million pay package last year, a GM official familiar with the matter said on Wednesday, after the CEO's salary came under scrutiny this week.

The figure reflects $2 million in restricted stock units that Akerson received in 2011, but only vested in 2012, according to the GM official, who requested anonymity.

Akerson's compensation last year also includes $1.7 million in cash, $7.3 million in stock and other incentives.

Several media outlets reported late Monday that GM asked U.S. officials to allow for a pay increase of more than 20 percent for Akerson in 2013.

Compensation of GM executives is governed by a special paymaster from the U.S. government as part of provisions put in place after GM's U.S.-funded bankruptcy restructuring in 2009.

GM issued a statement on Tuesday denying the request for the 2013 pay bump. The U.S. automaker said its compensation request was misinterpreted for political gain before a congressional hearing Tuesday on executive pay at companies that received federal bailouts.

The $11.1 million figure was included in GM's compensation request, but it referred to Akerson's 2012 pay package and was not a request for 2013, the GM official said.

The largest U.S. automaker has set a $9 million target for Akerson's compensation. In 2011, Akerson's pay came to $7.7 million, including $1.7 million cash and $5.3 million in stock.   Continued...

Dan Akerson (C), Chairman and CEO of General Motors, attends the press conference for the Chevrolet Corvette Stingray at the North American International Auto Show in Detroit, Michigan January 14, 2013. REUTERS/Rebecca Cook