(Detroit-WWJ) General Motors rewards its top executive with thousands of shares of stock that could eventually be worth millions of dollars.
GM says in a filing with the U.S. Securities and Exchange Commission that it has given Chair/CEO Dan Akerson 42 thousand, 360 units of stock. Akerson will be paid in three installments starting in March, 2011.
Based on Monday’s closing price of $32.39, the shares are currently worth 1.37 million dollars, but Akerson will actually receive whatever the shares are worth on the days they are paid out. The better the company performs, the more money Akerson makes.
It’s all part of a 2011 compensation package that the federal Treasury Department has capped at nine million dollars, including $1.7 million in salary.
Akerson came on board last fall following the departure of Ed Whitacre and engineered GM’s initial public stock offering in November.
(Copyright 2011, WWJ Newsradio 950. All Rights Reserved. The Associated Press Contributed To This Story.)