GM says did not request 2013 pay bump for CEO Akerson

DETROIT Tue Feb 26, 2013 11:05am EST

General Motors Chairman and Chief Executive Officer Dan Akerson addresses the media before the start of GM's annual meeting of stockholders at GM's Global Headquarters in Detroit, Michigan June 12, 2012. REUTERS/Rebecca Cook

General Motors Chairman and Chief Executive Officer Dan Akerson addresses the media before the start of GM's annual meeting of stockholders at GM's Global Headquarters in Detroit, Michigan June 12, 2012.

Credit: Reuters/Rebecca Cook

DETROIT (Reuters) - General Motors Co (GM.N) denied on Tuesday media reports that the automaker asked U.S. officials to allow for a pay increase of more than 20 percent for Chief Executive Dan Akerson.

The largest U.S. automaker submitted a request to U.S. officials to pay Akerson $9 million for 2013, about the same as his 2012 and 2011 pay packages, GM said in a statement.

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

GM's statement came after reports that GM wanted to pay Akerson $11.1 million for 2013.

GM said the documents were misinterpreted and leaked for "political points" before a U.S. House Oversight and Government Reform Committee hearing on Tuesday. The hearing focuses on whether the U.S. Treasury approved excessive pay for executives at companies that received federal bailouts.

"Unfortunately, someone who obviously did not understand the compensation request leaked the information in a way that misrepresented the truth in order to score political points on the eve of a congressional hearing," GM said in a statement.

GM shares were up 0.8 percent at $26.55 on Tuesday morning on the New York Stock Exchange.

(Reporting by Deepa Seetharaman; editing by Gerald E. McCormick and Matthew Lewis)

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Comments (7)
MoreLiberty wrote:
We should have never bailed out the banks or the car companies. If you make bad decisions, and horrible car, that’s your business but the US taxpayer via tyrants like Bush and Obama should not be forced to bail you out. I drive a wonderful Toyota Tundra that was built by by non labor Americans in San Antonio. I will never buy s GM or Chrysler again.

Feb 26, 2013 11:14am EST  --  Report as abuse
RDavid2010 wrote:
There is no confusion here. Odumbo needs more contributors and more money so our Idiot-in-Chief authorized the raise right along with a letter that we’ll never see outlining how much Odumbo expects in a kickback.

GM is scum, the administration is scum and their leader, Odumbo is pure scum.

Feb 26, 2013 11:53am EST  --  Report as abuse
mewp1 wrote:
YOu do realize that when company has to ask the government to give a raise to someone, the company is no longer in charge. Communism anyone?

Feb 26, 2013 12:42pm EST  --  Report as abuse
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