GM Rewards Top Executive

By: Associated Press
By: Associated Press

General Motors Co. is rewarding its top executive with shares currently worth more than $1.3 million.
In a filing Monday with the U.S. Securities and Exchange Commission, GM said it gave Chairman and CEO Dan Akerson 42,360 stock units on March 31 as part of his compensation package. Akerson will be paid in three installments starting next March.
The stock units are currently worth $1.37 million, but Akerson will receive whatever they're actually worth on the day they're paid out.
Akerson, a former telecommunications executive, became GM's CEO last fall and led the company through an initial public offering in November. He is expected to receive a pay package totaling $9 million for 2010.
GM's shares fell 2 cents to close at $32.39.

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