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GM’s Akerson Takes Home $11.1 Mil, up 44%.

CEO adds millions in stock to base pay.

by on Apr.25, 2013

GM CEO Dan Akerson with the Chevrolet Volt.

General Motors Chairman and CEO Dan Akerson got a 44% increase in total compensation last year, taking home a total of $11.1 million in total compensation.

That news, detailed in a federal filing, comes after GM tried to downplay earlier reports that the executive was looking for a big pay hike despite the limits imposed by the terms of the maker’s 2009 federal bailout.

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Akerson continued to receive a base salary of “just” $1.7 million last year, the same as in 2011. The big jump came in stock awards that rose by 57%, year-over-year, to $9.3 million.  That includes $2 million in restricted stock options he won’t be able to cash out on until at least 2014.  The executive also received $70,149 in miscellaneous compensation, up from $55,514 in 2012.


Ford CEO Mulally Pay Dips to Just $21 Mil

Exec credited with saving Ford drew $30 mil year before.

by on Mar.15, 2013

Ford CEO Alan Mulally.

Compared to his counterpart at General Motors, Alan Mulally was a well-paid man last year, taking home $21 million as part of a package including salary, bonuses and stock options. But the Ford Motor Co. CEO nonetheless saw his compensation dip from the $29.5 million he made in 2011.

Given much of the credit for helping save the second-largest of the domestic makers – and helping it steer through the Great Recession without the federal bailouts taken by cross-town rivals GM and Chrysler, Mulally has still been rewarded handsomely since leaving Boeing in 2006, Ford financial statements pegging his total earnings at $169.3 million.

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Mulally’s 2012 earnings were disclosed in Ford’s latest proxy statement. It shows he got the same $2 million salary as the year before, but stock options fell from $21.4 million to $14.3 million, while the exec’s bonuses tumbled from $5.5 million to $3.95 million.


Daimler’s Zetsche Gets New Contract – And Pay Cut

Daimler’s Zetsche Gets New Contract – And Pay Cut

by on Feb.27, 2013

Daimler CEO Dieter Zetsche gets a pay haircut. Photo by Len Katz.

The good news for Daimler AG Chairman Dieter Zetsche is that he’s got another three-year contract. But he’ll have to balance it against the nearly 6% pay cut he’s been ordered to take by the automaker’s supervisory board after the company missed its profit targets and palace intrigue at Daimler’s Stuttgart headquarters begins to intensify.

If misery loves company, Zetsche isn’t alone. As reported earlier this week, Volkswagen AG CEO Martin Winterkorn took a nearly $4 million haircut, though his pay still came to nearly $20 million.

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And then there’s General Motors Chairman and CEO Dan Akerson. Early reports indicated he was gunning for a 20% pay hike, which would bring his all-in compensation to $11 million. But with Washington bureaucrats criticizing recent increases in pay for executives at companies that survived the recession through federal bailouts, Akerson apparently decided he’s be comfy with the $9 million he got last year.


GM Denies CEO Demanding 20% Pay Hike

Pay request “misrepresented,” says maker.

by on Feb.26, 2013

GM Chairman and CEO Dan Akerson will seek no pay hike for 2013, the maker insists.

With a Congressional oversight committee set to review pay policies for companies covered by federal bailout funds, General Motors says it will not ask for an increase in the compensation package for Chairman and CEO Dan Akerson.

It had been widely reported that the maker would seek a 20% boost in the executive’s pay for 2013, which would bring it to a total of $11.1 million, according to documents quoted by the Detroit News. In fact, GM said in a statement issued this morning, “Reports that General Motors has requested an increase in Dan Akerson’s 2013 compensation are false.”

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The maker says the CEO will again receive a package totaling $9 million, matching his 2013 pay which included both bonuses and $1.7 million in base salary.

“Unfortunately, someone who obviously did not understand the compensation request leaked the information in a way that misrepresented the truth in order to score political points on the eve of a congressional hearing,” the automaker said in a statement this morning.


GM CEO Akerson Could Get $11Mil Paycheck with Fed Approval

Payout would mark a 20% increase for 2013.

by on Feb.26, 2013

GM Chairman and CEO Dan Akerson testifying before Congress last year.

General Motors Chairman and CEO Dan Akerson could see a 20% increase in his paycheck for 2013, total compensation jumping to $11.1 million – if he can get the numbers approved by the U.S. Treasury Department.

As one of the top executives at GM, Akerson’s pay must be approved by Washington under terms of the automaker’s 2009 bankruptcy bailout – another reason why insiders say GM management is anxious to shed federal oversight as the Obama Administration moves ahead with plans to sell off its remaining stake in the maker by early 2014.

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Akerson’s proposed paycheck compares with a $9 million package in 2012 that included bonuses and $1.7 million in salary. The one-time telecomm industry executive is currently the lowest paid of Detroit’s Big Three CEOs, with both Ford Chief Executive Alan Mulally and Chrysler CEO Sergio Marchionne taking home more than $20 million each – though Marchionne’s package includes money he earned as CEO of Chrysler’s Italian partner Fiat SpA.


GM Execs’ Pay Frozen by Feds

Government overseer rejects pay hikes at companies bailed out by feds.

by on Apr.09, 2012

GM CEO Dan Akerson testifying before Congress earlier this year.

Pity poor Dan Akerson.  He’s delivered the sort of financial turnaround seldom seen in the business world, taking once-bankrupt General Motors to multi-billion-dollar profitability.  But that won’t be enough to earn him a pay hike this year, according to the U.S. Treasury Dept., which has the final say on compensation for the maker’s top 25 executives.

Don’t pity Akerson too much.  He’ll still take home about $9 million this year, including $1.7 million in salary and another $7.3 million in various forms of stock compensation.  But that’s significantly less than his crosstown counterparts.  Ford Motor Co. CEO Alan Mulally got a $29.5 million pay package, the maker announced last week, on top of more than $57 million in long-term stock compensation.

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The federal government began overseeing the salaries of GM executives in 2009 along with those at other companies who received bailout funds under the so-called TARP program.  Most of those firms have since paid off their loans and are no longer subject to the review of a federal pay overseer.  But GM — which is still 26.5% owned by the Treasury – is still covered, as are Ally Financial, the former GMAC, and giant AIAG.


Big Payday for GM’s Akerson

But payout is a pittance compared to Ford’s Mulally.

by on Mar.20, 2012

GM Chairman and CEO Akerson won't be able to cash out for several years.

General Motors Chairman Dan Akerson is getting a big payday – though he won’t be able to cash the check for a couple of years.

Akerson, who also serves as GM’s chief executive has been awarded 76,249 shares of restricted stock, according to paperwork the maker has filed with the federal government –which still owns about a third of GM’s stock and has oversight on pay issues for the company’s top executives.

Based on the recent price range for GM stock that would work out to somewhere around $2 million — $1.94 million, to be precise, based on what the shares closed at on Monday.  But if GM stock comes close to the $33 it commanded when the maker held its November 2010 IPO that would add more than $500,000 to the payout.

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Akerson will have time to wait and see, as he cannot cash in for several more years.  He can convert two-thirds of the award to common stock on March 15, 2014 and the rest a year later.  And he will have to remain a continuous GM employee for the duration or risk losing his stock bonus.