GM's chief gets $9 million

By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- General Motors chairman and chief executive, Ed Whitacre, Jr. will receive a compensation package worth $9 million, the automaker said Friday.

In a filing with the Securities and Exchange Commission, GM said Whitacre gets $1.7 million in cash, $5.3 million in stock payable over three years starting in 2012, and $2 million in restricted stock as part of the company's long-term incentive plan.

GM said the package was approved by President Obama's Special Master for TARP Executive Compensation, a position held by Kenneth Feinberg, which is required by GM's Troubled Asset Relief Program agreement.

Whitacre became GM's permanent chief in January, after assuming the role of acting CEO on Dec. 1, following Fritz Henderson's resignation after just a few months on the job.

GM also said in Friday's SEC filing that Henderson will sign on as a consultant to the automaker for $59,090 a month plus expenses, for 20 hours of work per month through 2010.

GM owes the U.S. Treasury a total of $6.7 billion provided from TARP. The automaker also owes $1.4 billion in payments to the governments of Canada and the Canadian province of Ontario. Any major executive compensation must be cleared through Feinberg's office.

In December, Whitacre said GM would pay off its TARP loan by June, well ahead of deadline. Overall, GM has received $50 billion in federal money, with the government receiving $2 billion in preferred stock and 61% of the automaker's privately held common shares in return for the rest of the money.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,054.94 -43.51 -0.25%
Nasdaq 4,590.60 10.33 0.23%
S&P 500 2,000.31 -3.06 -0.15%
Treasuries 2.42 0.08 3.20%
Data as of 3:01pm ET
Company Price Change % Change
Apple Inc 103.12 0.62 0.60%
Bank of America Corp... 16.16 0.07 0.44%
Staples Inc 12.78 1.10 9.42%
Facebook Inc 76.02 1.20 1.60%
Intel Corp 34.54 -0.38 -1.07%
Data as of 2:45pm ET

Sections

Nike flexes its huge dollar advantage by signing Durant to a $300 million endorsement deal that trumps $285 million offer from Under Armour More

If approved by Los Angeles city council, the plan could raise wages for 567,000 workers by 2017. More

The latest celebrity photo hack shows your digital life doesn't end at your phone. If your stuff lives on "the cloud," you don't control the data. More

If approved by Los Angeles city council, the plan could raise wages for 567,000 workers by 2017. More

A scam where fraudsters impersonate IRS agents has now stolen $5 million from taxpayers, and this woman - who lost her entire life savings -- is just one of its victims. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.