Nice work if you can get it
First the government outright buys over 60% of General Motors.
Then GM flat out lies about paying off its "loan" (they have
several loans and used money from one to publicly pay off the other).
Now, the new GM President gets a nice chunk of change -- from
Yahoo News/Associated Press:
New GM CEO's pay package worth $9 million
New General Motors Co. CEO Daniel Akerson will get the same $9 million pay package as the man he replaced, Ed Whitacre.
Akerson, a former telecommunications industry and private equity executive, will receive $1.7 million in annual salary, $5.3 million in short-term stock payable over the next three years, and another $2 million in stock that's part of the company's long-term executive compensation plan.
The automaker, which is 60.8 percent owned by the U.S. 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 Sept. 1.
Four CEOs in less than two years -- a well functioning company might change CEOs every ten years or so. Another indicator of how poorly GM is being run. They should have gone through bankruptcy proceedings and emerged as a lean and mean competitive business. By keeping the status quo, they are lurching along as yet another top-heavy governmental failure
Posted by DaveH at September 13, 2010 1:53 PM