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

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 17,106.70 29.83 0.17%
Nasdaq 4,570.64 13.29 0.29%
S&P 500 2,000.02 2.10 0.11%
Treasuries 2.37 -0.02 -0.84%
Data as of 9:28am ET
Company Price Change % Change
Intel Corp 34.80 -0.01 -0.03%
Regions Financial Co... 10.26 0.04 0.39%
AbbVie Inc 55.75 -0.12 -0.21%
Comcast Corp 54.56 -0.09 -0.16%
eBay Inc 56.25 0.76 1.37%
Data as of Aug 26

Sections

Shrinking demand for rifles pulls down gun maker's quarterly profit by 45%. More

University of Utah professor Michael Glauser cycled 4,000 miles this summer, visiting 100 entrepreneurs across the country. Here's a snapshot of how they grew their businesses. More

Apple is expected to launch the iPhone 6 in two weeks, but waiting until then to sell your old iPhone means you're way late to the game. More

The Coolest Cooler launched a Kickstarter campaign in July and has raised over $9 million so far, the second highest grossing campaign ever. More

Mary Fallon, from Durham, Maine, is a mother of three children, two dogs, 25 chickens and a flock of 22 sheep. Here are journal entries from a day in her life. 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.