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.”
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.