General Motors Co CEO Dan Akerson earned $7.7 million in cash and stock in 2011 as the company posted the biggest profit in its history. Akerson earned $1.7 million in salary, up from $566,667 in 2010.
His official pay package was released in a proxy GM filed with the U.S. Securities and Exchange Commission. Besides the record profits, the U.S. based automaker recaptured its title of global sales leader, finishing with the greatest share in the world’s two largest markets, China and the United States.
GM said Akerson’s compensation was in the lowest 25% of CEOs at a group of similar global companies, such as Ford, Honeywell and Hewlett-Packard.
Akerson’s compensation is a fraction of Ford Chief Executive Officer Alan Mulally’s $29.5 million package last year and the 17.5 million euros ($23.1 million) that Volkswagen AG (VOW) CEO Martin Winterkorn received. Sergio Marchionne, the CEO of Chrysler Group, the third major U.S. automaker, received no pay from Chrysler in 2011.
Still, GM’s shares fell 45 percent last year, while the broader S&P 500 index was unchanged.
Among investors’ concerns was GM’s troubled Opel unit in Europe, where GM lost $747 million last year. GM was also hurt by weakness in South America.