Today, February 27th, GM denied it proposed a $11.1 million compensation for CEO Dan Akerson.
According to an anonymous source, GM plans $82 million in compensation for 25 executives and Dan Akerson is on top of that list as the highest-paid. In 2011 Akerson was paid $7.7 million, with his target compensation of $9 million. Today, the House Oversight Committee will meet to discuss executive pay for companies which received a bailout loan from the US Treasury.
“Reports that General Motors has requested an increase in Dan Akerson’s 2013 compensation are false,” GM said in the e- mailed statement. “In fact, Dan specifically asked to keep his compensation at the same level for 2013 as it was in 2012 and 2011. That amount of $9 million is what the company submitted to the Office of the Special Master for TARP Executive Compensation.”
The House panel is currently analyzing why executives at companies helped by the Treasury to avoid bankruptcy are being paid millions of dollars, even if the Obama administration has put tighter limits on these compensations. Greg Martin, a spokesman for GM, said yesterday that the automaker complies with TARP’s restrictions, while it focuses on boosting the company’s results.