* Disputes reports saying automaker requested pay increase
* Says requested $9 mln pay package, not $11.1 mln
* GM says compensation request misinterpreted for political
* U.S. Treasury kicked off sale of GM stock in January
By Deepa Seetharaman
DETROIT, Feb 26 General Motors Co denied
that it asked U.S. officials to allow for a pay increase of more
than 20 percent for its top executive and said its request was
misinterpreted for "political points" ahead of a congressional
hearing on executive pay.
GM submitted a request to U.S. officials to pay Chief
Executive Dan Akerson $9 million for 2013, about the same as his
2012 and 2011 pay packages, GM said in a statement on Tuesday.
The largest U.S. automaker's statement came in response to
media reports that GM wanted to pay Akerson $11.1 million for
Those reports came ahead of 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 its 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 has repaid about $29 billion of the $50 billion that the
U.S. government poured into GM to keep the automaker afloat in
2009. In December, Treasury said would sell 200 million shares
back to GM for $5.5 billion and sell its remaining holdings
through other measures.
The U.S. government made the first of those stock sales last
month, when it sold about $156.4 million worth of GM common
shares, according to a Treasury Department report.
GM shares were up 0.5 percent at $26.46 on Tuesday afternoon
on the New York Stock Exchange.