Newly named General Motors Chief Executive Daniel Akerson (pictured) reportedly will receive compensation of about $9 million, which includes a $1.7 million annual salary, the automaker disclosed Friday in a regulatory filing.

Akerson, who assumed the post Sept. 1, will also receive a portion of his salary in the form of stock, totaling $5.3 million, which will be paid out over three years beginning September 2011. The former telecommunications executive will also get $2 million in restricted stock through GM's long-term incentive plan.

Akerson, 61, took over the job of CEO from Edward Whitacre, who remains as GM chairman until year's end. For his service, Whitacre will receive fees totaling $300,000 for his last four months on the board, according to the filing with the Securities and Exchange Commission. Whitacre won't receive any additional employment-related compensation from the company, Detroit-based GM said.


It will be Akerson's responsibility to shepherd the once-distressed automaker through its planned initial offering of stock, slated for November. The company filed papers with the SEC last month to once again become a publicly traded company. Analysts believe Akerson, who also has expertise in private equity, is well-suited to help GM return to the stock market.

GM has reported two successive quarters of profits following a $4.3 billion loss recorded in the last six months of last year, after emerging from bankruptcy.

In its most recent monthly sales report, the company said sales slipped 25% in August, compared to a year ago. But analysts have said comparisons to August 2009 were skewed by last year's "cash for clunkers" rebate program, which inflated sales for most automakers, including GM.

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Timothy

Any CEO isn't doing his or her job if those that work in that company is having financial problems. If an employee can't live with out credit cards. or if anyone is about to be in foreclosure or is in foreclosure than the CEO is making too much money. We have far too many CEO's in America that is making too much money. If employee's could make a living with the income they wouldn't be as sick they wouldn't have to worry about the financial situation at home so as a result they could actually do a much better job at work.

September 23 2010 at 2:53 AM Report abuse rate up rate down Reply
themanindbox

I dont know why this turns political. Simply put, Dont buy a GM if you dont want to support a company that exploits the people in which it is supposed to help support. I am not saying toyota, honda, hyundai etc are a better choice, nor am i saying that ford, or mopar are better. Really at this point i wont buy a new car from any of them, i will continue to just fix mine. Because really they are all corrupt.

September 13 2010 at 12:18 PM Report abuse rate up rate down Reply
azeka3

As long as this so called president Obama and and his hand picked crew are in office our country will keep going down hill. Obama is a disaster for the country.

September 13 2010 at 7:06 AM Report abuse rate up rate down Reply
Mingo

WOW !! When do they pay the american tax payer back?????? When will the UAW wake the hell up ? you are being used you fools and you are being used against americans. Are you really the commies and gangsters people have always said you were . Get away from Obama and the elitist they are using you and get the peoples money back

September 13 2010 at 12:21 AM Report abuse +1 rate up rate down Reply
1 reply to Mingo's comment
richard

Yeah, Mingo buy Japanese, they will take care of you.

September 13 2010 at 12:34 AM Report abuse rate up rate down Reply
Hoss

WELL, THATS OBAMS MAN. EXPLOITS THE POOR WORKING MAN.

September 12 2010 at 11:45 PM Report abuse rate up rate down Reply
Hoss

WELL, THATS OBAMS MAN. EXPLOITS THE POOR WORKING MAN.

September 12 2010 at 11:43 PM Report abuse rate up rate down Reply
Hoss

WELL, THATS OBAMS MAN. EXPLOITS THE POOR WORKING MAN.

September 12 2010 at 11:43 PM Report abuse -1 rate up rate down Reply
richard

injun, no personal offense I do get PISSED, but I didn`t mean to take it all out on you.

September 12 2010 at 11:43 PM Report abuse rate up rate down Reply
injun99999

richard - sorry to get you panties in a bunch. Just repeating what I heard on so many news media (many I'm sure you watch and get your information too) calling GM Gov Motors, Give Money, whatever, thought it was amusing. I was replying to a prior post which stated that GM "paid back their governmment money" to show how many are brain-washed believing what they hear. I'm not at all "angry" but sounds like you are and, btw, have posted in the past about Asia. All for saving American jobs, was using "Obamamobiles" to strong, if so I do apologize.

September 12 2010 at 11:20 PM Report abuse rate up rate down Reply
Myron

LOL!

September 12 2010 at 11:18 PM Report abuse +1 rate up rate down Reply