rules keep pay too low
By Nathan Bomey, USA TODAY and Detroit Free Press
General Motors CEO Dan Akerson got total compensation of $7.7 million in 2011, according GM's proxy filed with the government this week, and GM took the opportunity also to complain in the proxy that ongoing bailout rules are keeping it from paying executives enough.
Akerson's compensation actually was targeted to be $9 million, but was less because of the decline in GM's stock value. His pay for 2011 included a $1.7 million salary and stock awards valued at $5.95 million, most of which was stock salary, which is paid in cash.
GM said Akerson's compensation was in the bottom 25% of CEOs at a group of similar global companies such as Ford Motor, Honeywell and Hewlett Packard. In the proxy, GM argued that the government's ongoing limits on GM compensation put it at a competitive disadvantage.
"Appropriately recognizing and rewarding these key contributors and competing with other large, multinational employers to attract and retain fresh talent with critical skill sets is extremely difficult within the compensation constraints imposed by" the government,mulberry ipad 4 case
, GM said.
The government also said the total compensation for GM's top executives would be cut 12%, or $8.8 million, from 2011 to 2012. However, some executives got raises, while others' pay is being cut.
And Akerson wasn't the best paid GM exec last year. Other top GM executive paydays for 2011, according to the proxy:
The best paid GM executive in 2011 was Tom Stephens, who just retired as vice chairman and chief technology officer on April 1. To post a comment, log into Facebook and then "Add" your comment. To report spam or abuse, click the "X" in the upper right corner of the comment box. To find out more, read the FAQ and Conversation Guidelines.