GM seeks approval to pay CEO $11.1 million: CNBC

Mon Feb 25, 2013 9:48pm EST

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

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.

Credit: Reuters/Rebecca Cook

(Reuters) - General Motors Co (GM.N) wants to pay its chief executive, Dan Akerson, $11.1 million this year, CNBC reported, citing related documents.

If the U.S. government approve the plan, Akerson's annual compensation would increase more than 20 percent compared to last year, the report said. (link.reuters.com/meg36t)

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

No determinations has yet been made for 2013 compensation, a U.S. Treasury Department official told CNBC.

General Motors and U.S. Treasury officials were not available to comment outside business hours.

(Reporting by Bijoy Koyitty in Bangalore; Editing by Matt Driskill)

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Comments (2)
atunionbob wrote:
Eleven Million dollars….no person I repeat NO PERSON is worth Eleven Million as a bonus. Not even in pay…this company who is still struggling to survive and come out of a bankruptcy, should not pay anyone that type of money.. I suggest they lower the price of their cars and make them more economical to buy with out having to take a second mortgage on the house instead.

Feb 25, 2013 10:36pm EST  --  Report as abuse
Greenspan2 wrote:
Oh, why not. It is the American way after all. After having taxpayers bail out the company, go ahead and give the executive a multi-million dollar pay out. It wasn’t GM’s fault that Wall Street almost destroyed the global economy through fraudulent mortgage loans and derivatives, at least not if you overlook GM’s expansion into mortgage loans. Hey, it’s the American way. Just wave the flag and say that pledge, and it all works out, at least for some.

Feb 26, 2013 2:01am EST  --  Report as abuse
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