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)