General Motors said Tuesday it does not plan to increase its CEO’s pay in 2013, contradicting sources claiming it did.
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Annual compensation for top executives at GM requires approval from the Treasury Department as a condition of its TARP taxpayer bailouts in 2008 and 2009, which totaled $49.5 billion.
On Monday, FOX Business and other news organizations obtained a copy of a spreadsheet identified as a 2013 GM request to Treasury for cash and stock compensation for its CEO, Daniel Akerson, and other executives. The document is posted below; Monday’s report is posted here.
The document is labeled “2013 Top 25 Proposal” for GM and shows proposed pay of $11.1 million for one “SEO” – senior executive officer -- whose identity was redacted. It is the largest amount on the document. Sources familiar with the document identified the executive as Akerson.
On Monday, GM declined to comment on the purported request. But in a statement Tuesday, the company said it is seeking government approval for $9 million in cash and stock for Akerson for 2013.
“Dan specifically asked to keep his compensation at the same level for 2013 as it was in 2012 and 2011,” GM said. “That amount of $9 million is what the company submitted to the Office of the Special Master for TARP Executive Compensation.”
A GM source familiar with document said the spreadsheet was mislabeled and that the $11.1 million figure was Akerson’s pay in 2012. That figure also included some compensation in stock that was part of the CEO's 2011 pay package, which ended up at about $7 million because of the timing of those stock awards, the source said.
“Unfortunately, someone who obviously did not understand the compensation request leaked the information in a way that misrepresented the truth in order to score political points on the eve of a congressional hearing,” the company said. “Reports that General Motors has requested an increase in Dan Akerson's 2013 compensation are false.”
The government approval process for top manager’s pay at bailed-out companies was the subject of a hearing by a House oversight subcommittee Tuesday.