05 October 2010

GM Pays out $1.3M in Stock to Current and ex-CEOs

USA Today

General Motors handed out stock shares worth more than $1.3 million to its current and former chief executives in the third quarter under terms of their pay packages.

The automaker said Monday in filings with the U.S. Securities and Exchange Commission that former CEO Ed Whitacre got more than 16,300 shares worth over $883,000 on Sept. 30. Current CEO Daniel Akerson received nearly 8,200 shares worth over $441,000.

GM has said that Akerson will get a $9 million pay package. That includes $1.7 million per year in pay, $5.3 million in short-term stock payable over three years, and $2 million in long-term stock.

Whitacre will receive $6.4 million in stock and salary for his eight months as CEO. That includes $1.1 million in pay and $5.3 million in short-term stock compensation.

The short-term stock compensation is payable over three years, the company said.

Akerson, who also is a board member, took over for Whitacre as CEO on Sept. 1. Whitacre will stay on as chairman through the end of the year.

GM is 61% owned by the U.S. government, holding shares that were granted in exchange for about $50 billion in bailout money to get it through bankruptcy protection. The company has repaid $6.7 billion, and the government hopes to get the remaining $43 billion back by selling GM stock to the public.

An initial public offering could come in November, with the government and other owners likely cashing in their stakes in several follow-up sales that could take two or more years. Since GM shares aren't publicly traded, a company hired by the automaker to estimate their value set the price at $53.98 each, according to the filing paperwork.

Thirteen other executives also received stock in third-quarter installments of their pay packages.

Tom Stephens, vice chairman for product development, received more than 15,600 shares worth over $840,000, while Chief Financial Officer Chris Liddell, who was hired from Microsoft Inc., got nearly 16,000 shares worth over $862,000. Stephen Girsky, another vice chairman and former Wall Street analyst, took home nearly 13,900 shares worth $750,000.

Others receiving smaller stock grants were Vice Presidents Tim Lee, Michael P. Millikin, Nick Reilly, Mark Reuss, Terry Kline, Nick Cyprus, Selim Bingol, Mary Barra, Daniel Ammann and Jaime Ardila.

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