General Motors Co. CEO and Chairman Dan Akerson earned $7.7 million in 2011, including $1.7 million in cash and about $5.95 million in stock awards, the automaker said Thursday.
His official pay package was released in a proxy GM filed with the U.S. Securities and Exchange Commission.
The Treasury Department set a $9 million target for Akerson's total pay for 2011. That figure will not change for Akerson in 2012, according to an announcement earlier this month from the U.S. Treasury Department's special master overseeing executive pay of companies that received a federal bailout in 2009. Several other GM senior executives, however, will get raises.
Akerson's $7.7 million total compensation was less than the $9 million target because of the timing of some of his stock awards, according to the automaker.
GM also said in its proxy that it will host its annual shareholders meeting June 12 at the Renaissance Center in Detroit, where it will propose the nominations of two new directors to its board.
Shareholders will be able to vote on whether to name James J. Mulva, chairman and CEO of ConocoPhillips, and Theodore M. "Tim" Solso, former chairman and CEO of Cummins Inc., to the board. The addition of Mulva and Solso would bring the automaker's board of directors to 14 members.
"The addition of Jim and Tim to our board of directors will bring significant global experience in leading large, complex companies as well as new business perspectives to strengthen our company," Akerson said in a statement. "Jim's extensive experience and expertise in the energy industry and in-depth background in finance will be invaluable to GM. Tim's background in diesel engine manufacturing and engineering and compliance with challenging emissions regulations will allow him to contribute significantly to our global product development strategies."
Mulva also serves on the board for GE, which, for example, has a partnership with GM to accelerate deploying electric vehicle charging stations in China.
Shareholders who own stock as of April 13 who want to attend the June 12 meeting must request a ticket by June 4 and instructions will be given in the proxy statement, GM said.
Akerson became CEO of GM on Sept. 1, 2010 and earned a pay package worth $2.53 million that year for his executive duties and as a member of the GM board.
He is the lowest paid CEO of Detroit's Big Three and GM said his pay falls in the lowest 25 percent of 23 companies it compared executive salary to such as Ford Motor Co., GE, Pfizer Inc. and Exxon Mobil Corp.
Ford CEO Alan Mulally received $29.5 million in total compensation last year, including $2 million in salary and a $5.46 million cash bonus. That's up 11.3 percent from 2010, when he earned $1.4 million in salary and received a $3.1 million cash bonus.
Chrysler-Fiat CEO Sergio Marchionne received about $22 million in 2011 from Fiat and subsidiary Fiat Industrial, though he received no pay from Chrysler Group LLC.
GM's Chief Financial Officer Dan Ammann earned $3.5 million in pay in 2011, including $687,500 cash and Vice Chairman Steve Girsky earned $5.3 million in pay, including $600,000 cash, according to the proxy. Girsky, who was named vice chairman on March 1, 2010, earned $3.7 million that year. Ammann became CFO on Apri1 1, 2011.
David N. Reilly, GM's president of Europe who retired April 1, 2012, made $5.34 million in 2011, higher than the $3.26 million in 2010.
Tom Stephens, GM's former chief technology officer who also retired on April 1 this year, made the most of GM's named executives, earning $8.3 million in 2011, including $900,000 in salary and $7.37 million in stock awards.
The government still owns a 32 percent stake in the automaker. Two presidential administrations provided $49.5 billion in funding to aid GM's restructuring, including $6.7 billion in loans. GM repaid that loan figure in April 2010 and as of mid-March, had repaid a total of $23.1 billion to U.S. Treasury.
GM earned $7.6 billion in 2011, fueled by 11 percent revenue growth and saw its market share grow globally.
From The Detroit News: http://www.detroitnews.com/article/20120426/AUTO0103/204260444#ixzz1tDgl0YBC