Obama’s pay czar: Compensations for GM, Ally CEO to remain frozen in 2011
While FoMoCo CEO Alan Mulally and Chairman Bill Ford are enjoying the industry’s most lucrative pay packages, compensation packages for CEOs at General Motors, Chrysler and Ally Financial have not increased in 2011. According to the United States Treasury Department, while the amount of stock salary and long-term restricted stock awarded to the CEOs has been modified, the cash component of their annual compensation has been kept at 2010 levels.
Obama’s pay czar has studied the compensation packages for the top 25 executives at the four remaining companies that received U.S. government bail out in 2009.
Chrysler’s CEO Sergio Marchionne is under management control of Fiat SpA and is compensated by Fiat. GM’s CEO Dan Akerson will get a total compensation of $9 million.
The United States government still owns 33 percent of GM.
– By: Omar Rana
Source: Reuters
