Filed under: GM, Earnings/Financials
Dan Akerson, the man who just recently replaced Ed Whitacre as General Motors’ CEO, will be paid an annual salary of a cool $1.7 million. That’s an awfully pretty penny, but Akerson indeed has his work cut out for him – The General is finally on its way to public ownership, with a stock IPO in the works for later this year.
In addition to his $1.7 million, Akerson will also receive $5.3 million worth of GM stock, delivered over the course of three years beginning on September 30, 2011. Furthermore, he will receive an additional $2 million in stock under GM’s long-term incentive plan.
This may seem like quite a bit, but things are a lot richer (literally) just down the road in Dearborn. Ford’s CEO, Alan Mulally, makes substantially more – he netted $17.9 million in cash and bonuses in 2009 – though this is largely due to the fact that the government bailouts have limited the CEO salary amounts for both GM and Chrysler.
[Source: Edmunds Auto Observer | Image: John F. Martin/AFP/Getty]
New GM CEO Akerson to earn salary of $1.7 million originally appeared on Autoblog on Fri, 10 Sep 2010 16:01:00 EST. Please see our terms for use of feeds.
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