GM's Whitacre gets $5 million for 9 months work

By Ben Rooney, staff reporter


NEW YORK (CNNMoney) -- Edward Whitacre, the former chief executive of General Motors, received over $5 million in total compensation for his nine months of service at the automaker last year.

Whitacre, who stepped down in September, received $1.1 million in base pay, stock awards valued at more than $3.5 million and over $300,000 in "other compensation" for 2010, according to a filing Thursday with the Securities and Exchange Commission.

After emerging from bankruptcy in 2009, GM became a publicly traded company again in November, raising a record $20.1 billion in its initial offering. That was over two months after Whitacre had left the company.

Whitacre, a former CEO of AT&T, took the helm at GM in December 2009, five months after he joined the company as chairman. For his services in 2009, Whitacre was paid $181,308, according to the filing.

Dan Akerson, who replaced Whitacre, was given total compensation worth over $2.5 million last year, including $566,667 in base pay, as well as stock awards valued at $1.7 million. Akerson also got $194,088 in other compensation for his service as a company director through August, according to the filing.

However, the highest paid executive at GM was Chris Liddell, the chief financial officer who announced his resignation in March.

Liddell, who came to GM in January 2010, received total compensation worth $6.2 million for the year. The bulk of Liddell's windfall was a stock award worth more than $5.4 million. But he also received $747,596 in base pay and $27,545 in other compensation, which usually refers to perks.

The regulatory filling provides the first glimpse into GM's compensation policies since the automaker went public. It also underscores a dramatic turnaround for a company that had to be rescued by the government and was in bankruptcy court only a few years ago.

"Government Motors," as it was jokingly known on Wall Street before its turnaround, has repaid much of the money it received from Uncle Sam. Meanwhile the Treasury Department has been gradually selling off its shares in the company.

While GM's stock is down 10% since it went public in November, the company has been benefiting from strong sales in China and a gradual rebound in U.S. auto sales.

GM (GM) reported in February that it earned $4.7 billion in 2010. That ended a string of five years of losses during which the cumulative red ink topped $100 billion. The profit was the biggest at the company since 1999.  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
Find Your Next Car
Index Last Change % Change
Dow 18,080.14 21.45 0.12%
Nasdaq 5,092.09 36.02 0.71%
S&P 500 2,117.69 4.76 0.23%
Treasuries 1.92 -0.03 -1.54%
Data as of 7:42pm ET
Company Price Change % Change
Microsoft Corp 47.87 4.53 10.45%
Apple Inc 130.28 0.61 0.47%
Comcast Corp 59.64 0.41 0.69%
AT&T Inc 34.01 -0.22 -0.64%
Xerox Corp 11.99 -1.15 -8.75%
Data as of Apr 24
Sponsors

Sections

Shares in Italian bank Intesa Sanpaolo dropped sharply Friday after hoaxers claimed its CEO had quit after faking billions in profits. More

The impact of rising immigration on Britain's economy has become a hot topic in the election campaign. More

Stars of Youtube, Vine, Snapchat, and Twitter are attending this year's White House Correspondents' Dinner. More

A Girl Scouts Cookie Oven rolling out to Wal-Mart, Target, Kmart stores this summer will let you bake those iconic thin mints right at home. More