Filing puts GM CEO pay at $9M in cash, stock

By Associated Press
Posted Sep. 10, 2010 at 3:32 p.m.

New General Motors Co. Chief Executive 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  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 board member who took over as CEO Sept. 1. He replaces Ed Whitacre who stepped down because he didn’t want to stay with the company for long after it sells stock to the public.

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

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