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GM proposes to pay CEO $11.1 million in '13

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02/25/2013 05:13 PM
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GM proposes to pay CEO $11.1 million in '13
Washington — General Motors Co. wants to pay its chief executive $11.1 million in total compensation this year — an increase of more than 20 percent over 2012, according to a document turned over to Congress.

The Detroit automaker, which received a $49.5 billion bailout in 2008 and 2009, must get approval for the pay packages for its top 25 executives from the Treasury Department, as a condition of its government bailout.

According to a copy of the proposal obtained by The Detroit News from a source familiar with the documents, GM is proposing raises for 18 of its top 25 executives for 2013, with each of those making at least $1.8 million.

CEO Dan Akerson didn't get a raise last year, but received a $9 million pay package, including a $1.7 million cash salary. He makes far less than the CEOs of Ford Motor Co., Chrysler Group LLC and Volkswagen AG, all of whom earned more than $20 million last year. In a 2011 interview, Akerson confirmed he gave up "more than" $100 million in 2010 to run GM when he left Carlyle Group. [link to www.detroitnews.com]