General Motors' fourth CEO, Dan Akerson has made sure that he will draw profit of $1.7 million in cash and $7.3 million from the restricted stock annually.
However, the CEO of Ford Alan Mulally, who last year earned $12.9 million including salary and benefits, along with that he also, received $5.1 million in stock options.
The Companies which need a support and run on federal aid are being enforced to have salary restrictions by the U. S. Treasury “pay czar”, which still needed to approve the compensation of top GM executives.
According to the records filed on Friday, GM has said that it will give its new CEO the same salary package, which is prepared for his predecessor. This means he will receive an annual salary of $1.7 million in cash along with more than $7 million in stock.
It has been reported that Akerson, 61, who has attained the top executive position last week, will not get any additional compensation for being a member of GM's board.
By the end of this year, Former Managing Director of GM will attain the board Chairman position after replacing Whitacre.
GM will give $300,000 to Whitacre, 68, for his remaining four months. Along with this, the Company will also give him an additional compensation.