According to filings with the U.S. Securities and Exchange Commission, General Motors gave stock valued at a total of $6.66 million to 14 top executives, including $1.33 million worth to Chairman and CEO Edward Whitacre. Valued at $53.98 each, GM gave a out 123,347 shares, according to the filing.
The company said that it gives top executives stock and restricted shares to make up for their compensation, which is capped by the U.S. government. The U.S. Treasury Department owns 61 percent of the Detroit automaker.
Whitacre’s stock would be worth $2.31 million based on GM bonds – he also receives a $1.7 million annual cash salary. CFO Chris Liddell was provided 15,979 shares worth $862,500 along with his base salary of $750,000 a year.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)