NEW YORK (CNNMoney.com) -- Daniel Akerson, the new chief executive of General Motors, has scored a $9 million compensation package, including $1.7 million in cash annually and $5.3 million in company stock over the next three years.
Akerson is also entitled to $2 million worth of restricted stock as a part of a long-term incentive pay program, according to a filing Friday with the Securities and Exchange Commission.
Akerson, 61, officially took the reins of the troubled U.S. automaker on Sept. 1.
His new pay package will be retroactive to Sept. 1, and comes as a result of negotiations with the special master for TARP compensation Ken Feinberg, the company reported.
Akerson won't be paid for serving on the company board.
The former chief executive, Ed Whitacre, also scored an additional parting gift of $300,000 for serving on the GM board for four more months.
GM remains under the government's thumb when it comes to executive pay. That's because GM has been refashioned from the ashes of the automaker's bankruptcy process in July 2009. Taxpayers, former bondholders and union-controlled trust funds all own big pieces of the company.
Feinberg approved the pay package on Wednesday, the company reported.
While Akerson can count on getting the annual cash salary and the $5.3 in company stock, he only gets the $2 million in restricted stock if GM meets objective performance goals, a company spokesman explained.
Baltimore Orioles executive John Angelos said he would want President Trump to apologize for all the offensive comments he's made before he's invited to throw out the first pitch at Camden Yards. More
A draft of the House Republicans' bill to repeal Obamacare would replace its subsidies with less generous tax credits, increase the amount insurers could charge older Americans and effectively eliminate Medicaid for low-income adults. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
New York Republicans want to make sure students at private colleges get more help paying for college, too. More