Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Index Last Change % Change
Dow 18,261.45 -131.01 -0.71%
Nasdaq 5,305.75 -33.78 -0.63%
S&P 500 2,164.69 -12.49 -0.57%
Treasuries 1.61 -0.02 -1.04%
Data as of 5:14am ET
Company Price Change % Change
Apple Inc 112.71 -1.91 -1.67%
Bank of America Corp... 15.52 -0.08 -0.51%
Procter & Gamble Co 87.76 -1.23 -1.38%
Yahoo! Inc 42.80 -1.35 -3.06%
Chesapeake Energy Co... 6.63 -0.24 -3.49%
Data as of Sep 23
Sponsors

Sections

Wells Fargo is under increasing pressure to punish the executives who oversaw the bank during a massive fraud that involved creating more than 2 million unauthorized accounts. More

American voters of all different political and socioeconomic backgrounds tell CNNMoney they are really unhappy with Donald Trump and Hillary Clinton. The concern is whether they will stay home on Election Day -- or pull back on their spending. More

Twitter and Square CEO Jack Dorsey is putting a link to voter registration on everyone's digital Square receipts. More

The nationwide college financial aid form, FAFSA, has changed. That means you need to apply earlier -- as soon as October 1. Here's what you need to know. More