General Motors has announced its compensation schedule for Dan Akerson, the automaker's fourth CEO in fewer than two years.
General Motors today filed the paperwork with the Securities and Exchange Commission outlining the total compensation schedule for Dan Akerson, GM's latest CEO, which calls for a total of $9 million to be paid in various forms over the next three years.
Akerson's cash pay will come in the form of $1.7 million annually in salary, to be supplemented by short-term stock worth $5.3 million, to be paid over the next two years. The Associated Press also points out there will be another $2 million in stock paid as part of the company's long-term executive compensation plan.
Ed Whitacre, the man Akerson has replaced as the head of GM, will be paid $300,000 for his time as director and chairman for the remainder of 2010, according to The Wallstreet Journal. Beyond the $300,00, GM says there will be no additional "employment related" compensation, leaving open the opportunity for advisory roles often popular for former executives.
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