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 21,088.70 76.28 0.36%
Nasdaq 6,207.96 44.94 0.73%
S&P 500 2,416.25 11.86 0.49%
Treasuries 2.25 -0.01 -0.62%
Data as of 12:43pm ET
Company Price Change % Change
Bank of America Corp... 23.38 0.03 0.11%
Ford Motor Co 10.80 -0.17 -1.51%
Chesapeake Energy Co... 5.31 -0.24 -4.32%
General Motors Co 32.41 -0.79 -2.38%
Best Buy Co Inc 60.06 9.64 19.12%
Data as of 12:28pm ET
Sponsors

Sections

Sears reported another giant drop in sales at both its Sears and Kmart chains. The stock may be surging on hopes that the company will avoid bankruptcy, but the company needs a real strategy to get customers back in the stores. More

President Trump wants to allow Big Oil to "drill, baby, drill" in Alaska's fragile Arctic wildlife refuge. More

Sometimes your financial health could use the same kind of checkups and preventive care that you apply to your physical health. More