US: GM paid $11.1m to CEO Akerson in 2012 - report
General Motors gave chief executive Dan Akerson an US$11.1m pay package last year, a GM official familiar with the matter said, after the CEO's salary came under scrutiny earlier this week.
The figure reflects $2m in restricted stock units that Akerson received in 2011 but only vested in 2012, according to the GM official, who requested anonymity when talking to Reuters.
Akerson's compensation last year also included $1.7m in cash, $7.3m in stock and other incentives.
Several media outlets reported late on Monday that GM had asked US officials to allow for a pay increase of more than 20% for Akerson in 2013.
Compensation of GM executives is governed by a special paymaster from the US government as part of provisions put in place after GM's US-funded bankruptcy restructuring in 2009.
GM issued a statement on Tuesday denying the request for the 2013 pay bump. The automaker said its compensation request was misinterpreted for political gain before a congressional hearing Tuesday on executive pay at companies that received federal bailouts.
The $11.1m figure was included in GM's compensation request but it referred to Akerson's 2012 pay package and was not a request for 2013, the GM official said.
The automaker has set a $9m target for Akerson's compensation. In 2011, Akerson's pay came to $7.7m, including $1.7m cash and $5.3m in stock.
GM has repaid about $29bn of the $50bn that the US government poured into GM to keep the automaker afloat in 2009. In December, the treasury said it would sell 200m shares back to GM for $5.5bn and sell its remaining holdings.
After the $5.5bn buy back, the US Treasury's holding in GM was whittled down to 19%.
Alliance partners Renault and Nissan both made the news this week. The two news items were rather different, but there was a curious common denominator of sorts: step forward Carlos Ghosn, boss of bot...
A short statement issued by Renault Group has just announced the immediate departure of chief operating officer Carlos Tavares....
FAW Group has reportedly signed a Memorandum of Understanding to construct a vehicle plant in Rason, a port city in North Korea's far north east, close to the Chinese and Russian borders....
New vehicle sales in the US are continuing to run at a strong level in August according to a monthly sales forecast developed jointly by JD Power and LMC Automotive....
A 7 September win for the Liberal-National parties coalition in Australia's federal election would lead to General Motors Holden ending manufacturing. So claims Phil Horton, the managing director of B...
Wang Xiaoqiu has been named president of Shanghai-GM, effective 13 August. He succeeds Ye Yongming, who has left the GM-SAIC joint venture....
- VEHICLE ANALYSIS: BMW X4
- Audi TDI tech is 25 years of age
- Kia K900 knocks on big brands' door
- Global light vehicle market developments
- Swallowing Fiat-Chrysler 'would be bad for VW'
- Volvo claims two safety firsts for XC90
- Ford Europe finally makes a pre-tax buck
- Ford changes R&D chief
- Rule change hits 'free charger' offers for EVs
- Sir Nick Scheele dies