Summary
This Form 8-K filing by General Motors Co. (GM) on September 10, 2010, primarily details the finalized compensation arrangements for its newly appointed Chief Executive Officer, Daniel F. Akerson. Following the agreement in principle by the Special Master for TARP Executive Compensation, Mr. Akerson's compensation package, effective September 1, 2010, includes a base salary of $1.7 million, a $5.3 million salary stock award to be delivered over three years starting in 2011, and TARP-compliant restricted stock units valued at $2 million. He will not receive additional compensation for his board service. The filing also confirms the departure of Edward E. Whitacre Jr. as CEO on September 1, 2010, and his continued role as Chairman of the Board until year-end, for which he will receive $300,000 in director and chairman fees. This transition in leadership and the structured compensation reflect ongoing efforts to align executive pay with government oversight requirements during GM's post-restructuring period.
Key Highlights
- 1Daniel F. Akerson officially commenced as CEO of General Motors Company on September 1, 2010.
- 2Mr. Akerson's approved compensation package includes a $1.7 million annual base salary.
- 3A significant portion of Mr. Akerson's compensation is in equity: $5.3 million in salary stock and $2 million in TARP-compliant restricted stock units.
- 4The salary stock award for Mr. Akerson will be delivered over a three-year period starting September 30, 2011.
- 5Edward E. Whitacre Jr. stepped down as CEO on September 1, 2010.
- 6Mr. Whitacre will remain as Chairman of the Board until the end of 2010, receiving $300,000 in fees for this role.
- 7Executive compensation is subject to and reflects agreements with the Special Master for TARP Executive Compensation.