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GM CEO pay package: $9 million

By Jennifer Liberto, senior writer


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.

Through Feinberg, the federal government gets a say in crafting those goals. To top of page

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