GM Changes CEO Akerson Pay Mix As He Might Retire in 2016 image

GM changed in 2012 the compensation mix for CEO Dan Akerson as he might retire before before his long-term restricted stock vests by 2016.

“We certainly wouldn’t speculate on what he will actually do — that’s up to him,” Tom Henderson, a GM spokesman, said in a telephone interview.

Last year, Akerson’s compensation, currently under government’s review due to GM’s 2009 bailout, increased 44% to $11.1 million. Until retirement, Akerson plans to cement GM’s position as China’s best-selling foreign automaker, by investing $11 billion until 2016. He also plans to boost sales in the US launching 20 new vehicles by the end of 2013, after the automaker’s market share fell to an 88-year-low last year.

GM said yesterday, April 26th, that Akerson was offered $1.7 million in salary and $9.4 million in stock awards in 2012 and $7.7 million in 2011, when his target was $9 million. Akerson’s pay trails that received by Ford’s CEO Alan Mullaly, who was offered $21 million in compensation in 2012, not including the bonuses.

Earlier this month Akerson said that GM finally has the right management team to fix Opel. He added that despite some analysts’ doubts, GM will not give up its loss making European unit.

Source: Automotive News