by Christopher Freeburn | April 26, 2013 11:11 am
2012 was a very good year, financially, for Dan Akerson, the chairman and CEO of General Motors (NYSE:GM).
In a regulatory filing on Thursday, the auto giant said it paid Akerson $11.1 million in compensation last year, up from $7.7 million the year before. Most of that rise came from stock awards, which increased from $5.9 million in 2011, to $9.3 million last year. GM reported 2012 profits that fell $2.7 billion compared to the prior year, the Associated Press noted.
Akerson’s compensation received a boost from the way GM awarded him stock grants. With expectations rising that Akerson will retire in the next three year, the company gave him more shares without a three-year vesting period. Akerson’s $1.7 million annual salary was unchanged.
GM shares rose 38% last year. The company noted that its CEO’s compensation is still restricted by the terms of the $49.5 billion federal bailout that saved GM in 2009. The U.S. Treasury still owns 241.7 million shares, but has pledged to sell them all by next year.
In January, Toyota (NYSE:TM) announced that it sold more vehicles in 2012 than GM, reclaiming the title of world’s top-selling carmaker. It originally took the title from GM in 2008, but GM snatched it back in 2011 after the Japanese tsunami disrupted the Toyota’s operations.
Shares of General Motors fell about 1% in Friday morning trading.
Source URL: http://investorplace.com/2013/04/general-motors-ceo-gets-hefty-pay-raise/
Short URL: http://invstplc.com/1foQpdt
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.