GM’s new CEO to get a $9 million compensation package

Dan Akerson - CEO of General Motors

General Motors’ new CEO Daniel Akerson will be paid a $9 million compensation package the Detroit automaker said yesterday. Akerson’s package will include a $1.7 million cash salary and a $5.3 million compensation in company stock over the next three years. He will also be entitled to $2 million worth of restricted stock as a part of long-term incentive program, according to GM’s filing with the Securities and Exchange Commission.

Akerson’s new pay package comes as a result of negotiations with the special master for TARP compensation Ken Fienberg and will be retroactive to September 1, when he took the leading role at GM.

Akerson, who will take the position of chairman on Jan. 1 from current chairman Ed Whitacre, won’t be paid for serving on the company’s board.

– By: Omar Rana

Source: CNNMoney