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GM denies reports about CEO Dan Akerson’s pay rise

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GM denies reports about CEO Dan Akerson's pay rise

General Motors today strongly denied media reports that said the company had requested an increase in CEO Dan Akerson’s compensation for 2013.

The Detroit News and Bloomberg said on Monday GM was proposing to pay Akerson $11.1 million this year. The stories cited documents and people close to the matter. An unnamed GM official said the $11.1 million figure represents Akerson’s actual compensation for 2012, not a request for 2013.

“Reports that General Motors has requested an increase in Dan Akerson’s 2013 compensation are false. 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,” GM said in a statement.

Akerson’s pay last year was higher than the $9 million originally requested primarily because he received restricted stock units that were earned in 2011. Under the government’s pay restrictions, those stock units can’t be issued until the year after they are earned. For 2011, when his target compensation was $9 million, Akerson was paid $7.7 million.

Akerson is paid considerably less than Alan Mulally, the CEO of Ford Motor Company, the automaker which avoided bankruptcy in 2009. Mulally’s 2011 compensation rose 11 percent to $29.5 million.

Source: Automotive News

by Dan Mihalascu (my Google+) - Tuesday, February 26th, 2013 - filed under General Motors, Industry, News. Image credit: .
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