Co., which returned as a publicly traded stock in November, awards shares to leading executives today as part of their annual compensation packages.
GM Chairman and CEO Dan Akerson receives 36,035 shares worth $1.3 million, according to the closing price of GM’s stock on Dec. 31 of $36.86 per share.
Akerson will receive the shares in three annual installments beginning next year and can trade them for cash in an amount equal to the stock’s fair market value at that time, according to a filing with the Securities and Exchange Commission.
Akerson, who added the chairman’s title with the New Year and the retirement of Ed Whitacre, was given a pay package last year valued at $9 million after he became CEO.
A former private-equity executive appointed to GM’s board by the Obama Admin., Akerson helped guide the auto maker to a record $20.1 billion initial public offering on Nov. 18.
Since opening at $33.07, GM’s stock has gained 12% on favorable outlooks for the restructured auto maker from Wall Street analysts, and the U.S. government’s ownership has dwindled to about 33% from 61%.
GM Vice Chairman and Chief Financial Officer Chris Liddell receives 23,457 shares carrying a present value of $864,626, while Vice Chairman Steve Girsky receives 20,398 shares with a current value of $751,870.
Also receiving stock awards as part of their compensation plans are GM Vice Chairman and and product development chief Tom Stephens, GM North America President Mark Reuss, Vice President of Global Human Resources Mary Barra, Vice President and Chief Information Officer Terry Kline, and Daniel Ammann, vice president of finance and treasury.
Akerson continues to lobby Washington lawmakers to ease compensation restrictions placed on the auto maker as part of its taxpayer-funded bankruptcy, saying it causes GM to lose out on the best management talent to its competitors.