New GM CEO's pay package worth US$9m

DETROIT (AP): New General Motors Co CEO Daniel Akerson will get up to US$9 million in salary and stock, the same pay package granted to his predecessor, Ed Whitacre.

Akerson, a former telecommunications industry and private-equity executive, will receive US$1.7 million in annual salary, US$5.3 million in short-term stock payable over the next three years, and another US$2 million in stock that's part of the company's long-term executive compensation plan.

The automaker, which is 60.8 per cent owned by the US government, disclosed the pay package in a filing on Friday with the Securities and Exchange Commission. It is identical to what the company disclosed for Whitacre in February.

Akerson also is on GM's board of directors, but will receive no compensation for his duties there, the filing said.

Akerson, GM's fourth CEO in less than two years, took over leadership of the company on September 1.

Whitacre, CEO since December, said he stepped down because the company needed a chief executive who would be in charge long after it sells stock to the public.