GM seeks $11.1M pay for Akerson, a $2M raise over last year
Source: Detroit Free Press
General Motors is proposing an $11.1 million compensation package for CEO and Chairman Dan Akerson this year, $2 million more than it paid him in 2012, according to documents obtained Monday by the Free Press.
The documents came to light the day before a U.S. House Oversight and Government Reform Committee hearing looking into whether the U.S. Treasury has allowed excessive pay for executives at companies aided by the Troubled Asset Relief Program. GM received $49.5 billion in aid to keep it afloat in 2008 and 2009.
The government must approve executive pay at GM and Detroit-based Ally Financial as a condition of their bailouts, meaning Akerson’s pay package might be denied or reduced.
In 2012, the Treasury Department capped Akerson’s compensation at $9 million, the same as 2011. His compensation included $1.7 million in cash salary and stock valued at $7.3 million.
Read more: http://www.freep.com/article/20130225/BUSINESS0101/130225078/gm-general-motors-dan-akerson-pay?odyssey=tab|topnews|text|FRONTPAGE
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