Top GM Job Pays $9 Million

By: Associated Press
By: Associated Press
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) <BR><BR>

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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