GM CEO Akerson Gets $2.5M for 2010 Work

In a still uncertain time, executive pay proved to be a touchy subject in 2010, especially for those working at bailed out automaker General Motors, as their top executives face scrutiny from the government. After Ford Motor Company’s more than $25 million in stock awards raised some eyebrows, GM’s latest leader brought home just $2.53 million for his contribution in 2010, or about 1/20th that of his counterpart at Ford. The Detroit News correctly points out that Akerson only spent about four month at the helm during the year.

Akerson, who became CEO on Sept. 1, received $566,667 in salary plus $1.76 million in stock awards for the four months, according to a statement filed Thursday with the U.S. Securities and Exchange Commission. His pay also includes the work he did as chairman of the board of directors.

"These salaries are not outrageous for a company of GM's size," said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware in Newark, Delaware.

Akerson's full-year compensation package in for this year will be $9 million, the same as his predecessor, including $1.7 million in base salary, and another $7.3 million in stock bonuses.

Chrysler did now pay CEO Sergio Marchionne a salary last year, but he received $4.8 million in compensation as CEO of Chrysler's Italian partner.

Former GM vice chairman and product chief Bob Lutz, is advising his old employer but said Thursday he won't be paid this year. "There was premature publication that I would be compensated, and it caused a big stir in the Treasury Department," Lutz said of some reports in February.