GM's Akerson paid $2.5M in last four months of 2010, filing shows
David Shepardson and Christina Rogers / Detroit News Washington Bureau
General Motors CEO Dan Akerson received $2.5 million in compensation in 2010, after he was named chief executive on Sept. 1.
Akerson received $566,667 in salary and another $1.76 million in stock awards, according to a proxy statement filed today with the U.S. Securities and Exchange Commission.
As a condition of the company's 2009 bailout, Akerson's pay is subject to review by the federal government, which still owns a 32 percent stake in the automaker.
Last month, the Treasury Department disclosed that Akerson and other companies that received large government bailouts will not get any raise for 2011. Akerson will get $9 million in total compensation for 2011 — the same rate that his predecessor, Edward Whitacre Jr., was paid.
Whitacre earned $5 million in compensation for working eight months and serving as chairman until Dec. 31.
Former GM Chief Financial Officer Chris Liddell earned $6.2 million in 2010. He is forgoing 111,000 shares of restricted stock worth more than $3 million by leaving April 1.
GM also said that many directors had personally acquired shares of GM stock. Akerson has bought 20,000 shares of GM stock with his own money.
The company reiterated that it does not own or lease any private aircraft, as part of a government requirement for companies that received large bailouts that remain under partial government ownership.
GM also disclosed it will hold its first annual meeting since 2008. The company will hold its annual meeting June 7 in Detroit.
At the meeting, shareholders will elect directors for next year, as well as sign off on executive compensation, according to a notice filed with the U.S. Securities and Exchange Commission. Shareholders will only vote on executive pay in an advisory role, the filing said.
Investors who hold at least one penny of GM stock at the close of business April 8 are eligible to attend, and must request a ticket in advance.
The meeting will take place at the Fisher Building, across the street from GM's former headquarters on West Grand Boulevard in New Center.
dshepardson@detnews.com
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From The Detroit News:
http://detnews.com/article/20110421/AUTO01/104210456/GM-s-Akerson-paid-$2.5M-in-last-four-months-of-2010--filing-shows#ixzz1KOPD8ZeZ
