Akerson Gets Millions More In Cash To Grease His Exit

Companies – or so they say – pay their executives the big bucks to keep them from leaving, or, in corporate-speak to "retain" them. In the case of GM CEO Dan Akerson, they pay him more because he will leave. Nasty people will say "to make him leave." Claiming that its 64-year-old CEO may retire spoon, GM changed Akerson's package for 2012. Instead of a mix of "Restricted Stock Units," (which Akerson would have to keep in the kitty for three years) and "Salary Stock Units" (which he can trade in immediately), Akerson received everything in immediately trade-inable stock, "in acknowledgement of the possibility of his retirement before the completion of the three-year vesting period for RSUs," a filing with the SEC shows. It's good to know that Akerson won't have to worry about his retirement (like some Delphi manager, for instance.) It is not immediately clear how much money Akerson made. Realized Annual Compensation Chairman & CEO, Daniel F. Akerson 2011 2012 Annual Compensation Salary $1,700,000 $1,700,000 Stock Awards SSUs $5,284,238 $7,346,373 RSUs Earned (1) $1,986,286 — All Other Compensation $55,514 $70,149 Total $9,026,038 $9,116,522 Annualized Compensation $9,026,038 $9,116,522 One table makes us believe he made $9.1 million in 2012. Name and Principal Position Year Salary Stock Other Total Daniel F. Akerson (1) 2012 $1,700,000 $9,332,659 $70,149 $11,102,808 CEO 2011 $1,700,000 $5,947,229 $55,514 $7,702,743 2010 $566,667 $1,766,664 $194,088 $2,527,419 Another table says Akerson made $11.1 million. Bloomberg, which is better at deciphering these filings, in convinced that "Akerson's compensation, which is subject to government review because of GM's 2009 U.S. bailout, increased 44 percent to $11.1 million last year." At the RecCen, people claim ignorance when it comes to Akerson's retirement plans. "We certainly wouldn't speculate on what he will actually do — that's up to him," spokesman Tom Henderson told Bloomberg. And who will be the man or woman after Akerson? According to Bloomberg, the folks in the running are Steve Girsky, Mary Barra, and TTAC commenter NADude, also known as Mark Reuss. from The Truth About Cars http://www.thetruthaboutcars.com

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