Report: U.S. Treasury to freeze GM CEOs pay for 2012
The United States Treasury Department will freeze pay in 2012 for General Motors CeO Dan Akerson because the government still owns a 26.5 percent stake in the company. The company also said that it will reduce total compensation for GM’s top executives by 12 percent or $8.8 million from 2011 to 2012.
In 2011, Akerson was paid a $1.7 million salary and $7.3 million in stock-based incentives. Akerson’s pay package will remain at $9 million for 2012.
At least two of GM’s top 25 executives left the company last year, according to Treasury documents.
GM’s president of North America, Mark Reuss, told reporters in January that he was worried the compensation limits would hurt the company to hire or keep talented executives.
“There’s a lot of really good people in GM,” Reuss said then. “There are some people who haven’t worked in the auto industry their whole lives, people that want to try something different that pays.”
– By: Omar Rana
Source: Free Press