Top GM Job Pays $9 Million

By: Associated Press
By: Associated Press
Pay of GM

This undated photo provided by The Carlyle Group on Thursday, Aug. 12, 2010, shows Daniel F. Akerson, the managing director and head of global buyout of The Carlyle Group. General Motors Co. CEO Ed Whitacre said he's stepping down Sept. 1, 2010. Whitacre said he will be replaced by Akerson, GM board member. (AP Photo/The The Carlyle Group)

New General Motors Co. CEO Daniel Akerson will get a pay package worth $9 million in salary and stock to run the automaker.

The company disclosed in a regulatory filing Friday that Akerson will get $1.7 million per year in salary, plus $5.3 million in stock paid over three years beginning on Sept. 30, 2011. He'll also get $2 million more in stock as part of a long-term incentive plan. He will not be paid for serving on the company's board.

Akerson is a former board member who took over as CEO on Sept. 1. He replaces Ed Whitacre who stepped down because he didn't want to stay with the company for very long after it sells stock to the public.

GM's initial public offering is expected in mid-November.

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  • by Shane Location: Lansing on Sep 11, 2010 at 09:41 AM
    Lets see he's getting 9 million, the guy who he replaced got 9 million about 3 month's ago, the one before that got millions and Wagoner got 20 million when he was fired. But its all the workers fault.
  • by Jason Location: Jackson on Sep 11, 2010 at 09:23 AM
    Pretty easy money for someone to sit in an office all day on the phone or computer, or flying around in the company jet. Keep screwing over the average assembly worker.
  • by Anonymous on Sep 10, 2010 at 04:06 PM
    no one is worth that pay.No wonder car prices are so high.One reason I don't by GM.
  • by Anonymous on Sep 10, 2010 at 03:48 PM
    Way to much money for a bankrupt company to pay.
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