GM said in an SEC filing on Monday, that it gave Chairman and CEO Dan Akerson 42,360 stock units on March 31 as part of his compensation package. The package will be paid in three installments starting next March, and is worth $1.37 million, today. Akerson will receive whatever the shares are worth on the day they’re paid out.
Akerson became CEO this past fall, and guided GM through its IPO. He is expected to receive a total pay package of $9 million for 2010, $1.7 million of which was salaried.
As part of the power derived from its 26.5% stake in the company, the US Treasury Department said it would also limit Akerson’s 2011 compensation at the same $9 million.
Vice Chairman Stephen Girsky was awarded shares in a similar compensation plan, worth $828,406.
It was reported earlier this month that Akerson’s salary for 2011 has not increased. The United States Treasury Department said that while the amount of stock salary and long-term restricted stock awarded to the CEOs from bail-out funded company’s has been modified, the cash component of their annual compensation has been kept at 2010 levels.
– By: Stephen Calogera