A GM official said the automaker offered CEO Dan Akerson $11.1 million pay package in 2012.
According to the anonymous GM official, this figure reflects $2 million in restricted stock units which CEO Dan Akerson received in 2011, but vested in 2012. Akerson’s compensation for 2012 includes $7.3 million in stock, $1.7 million in cash and other incentives. Several media reports said that GM asked US officials to allow the company increase Akerson’s compensation for 2013 by more than 20%.
On Tuesday, GM officially denied these reports, saying that the compensation increase was misinterpreted only for political gain before the congress hearing which took place later on Tuesday, regarding the executive pay at companies which received federal bailouts.
“Reports that General Motors has requested an increase in Dan Akerson’s 2013 compensation are false,” GM said in the e- mailed statement on Tuesday.
The GM official said that the $11.1 million figure referred to the CEO’s 2012 pay package and was not a request for this year’s compensation. After the 2009 bailout, GM has paid about $29 billion of the $50 billion and earlier this year the automaker has bought back 200 million shares from the US Treasury, for which it paid $5.5 billion.