GM's New CEO Akerson to Make $1.7-Million Salary Plus Stock RewardsBy Michelle Krebs September 10, 2010
General Motors' newly appointed CEO Daniel Akerson will be paid an annual salary of $1.7 million, according to new documents filed by the automaker with the Securities and Exchange Commission.
In addition to his cash salary, Akerson will receive stock amounting to $5.3 million worth, delivered over three years beginning Sept. 30, 2011, and stock valued at $2 million under the company's long-term incentive plan.
Akerson, the companys fourth CEO in 17 months, is expected to lead the company to public ownership. GM is planning an Initial Public Offering of its stock for later this year, with the intention of getting the U.S. government, which owns 61 percent of the company following its 2009 filing of Chapter 11 bankruptcy, out of its business.
Akerson replaces Edward E. Whitacre, Jr., who stepped down as CEO on Sept. 1 and will continue until year-end as chairman, a title Akerson will then add. Whitacre will receive $300,000 for the remaining four months.