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.
The boards of AT&T and Time Warner are meeting on Saturday afternoon to vote on an $80 billion deal that would bring the two companies together. More
Passes for the new National Museum of African-American History and Culture in Washington D.C. are 'sold out' through March 2017. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
The University of Illinois partnered with Coursera to launch one of the most affordable online MBA programs yet. More