GM CEO's pay $9M, same as before

9/10/2010

DETROIT - New General Motors Co. Chief Executive Officer Daniel Akerson will get the same $9 million pay package as the man he replaced, Ed Whitacre.

Mr. Akerson, a former telecommunications industry and private equity executive, will receive $1.7 million in annual salary, $5.3 million in short-term stock payable over the next three years, and another $2 million in stock that's part of the company's long-term executive compensation plan.

The automaker, which is 60.8 percent owned by the U.S. government, disclosed the pay package in a filing Friday with the Securities and Exchange Commission. It is identical to what the firm disclosed for Mr. Whitacre in February.

Mr. Akerson is on GM's board of directors, but will receive no compensation for his duties there, the filing said.

Mr. Akerson, GM's fourth CEO in less than two years, took over on Sept. 1.

Mr. Whitacre, CEO since December, said he stepped down because the company needed a chief executive who would be in charge long after it sells stock to the public. The sale is expected in mid-November.

Mr. Whitacre, 68, a retired CEO of telecommunications giant AT&T Inc., said he didn't want to stay too long after the stock sale.

It was unclear how much of the $9 million pay package that Mr. Whitacre will receive for his roughly eight months as CEO. GM also disclosed he will get $300,000 to remain on as chairman until the end of the year when Mr. Akerson takes over.

Mr. Akerson has worked as a top executive at major telecommunications companies MCI and Nextel.