GM Asks for OK to Pay CEO $11.1 Million
General Motors, which still needs the federal government to approve how much it pays top executives, wants to pay CEO Dan Akerson $11.1 million this year, according to documents obtained by CNBC.
If the feds sign off on the proposal, Akerson's annual compensation would increase more than 20 percent compared to last year.
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A U.S. Treasury Department official told CNBC no determinations have been made for 2013 compensation and just because a company makes a proposal, does not mean that is what the executive will be paid. Meanwhile, General Motors said it will not comment on the executive pay filing.
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Akerson is one of 25 executives General Motors wants to pay at least $1.8 million dollars this year. The proposed filing does not list the employees by name. The company would like to pay the next five executives below Akerson between $4.09 Million and $6.03 million.
As a condition of being bailed out in 2009, General Motors agreed to get the Treasury Department to approve on annual pay for its top 25 executives. While Akerson may be in line to get a 20 percent raise in 2013, his compensation still pales in comparison to some other CEOs in the auto industry. The chief executives of Ford and Chrysler both received more than $20 million in 2012.
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GM is proposing to bump Akerson's pay more than 20 percent despite shares of the automaker rising just 1 percent in the last year.
—By CNBC's Phil LeBeau