Co. Chairman and CEO Ed Whitacre will receive an annual salary of $1.7 million, with additional compensation in company stock over several years valued at $7.3 million.
Whitacre’s compensation package was approved by Kenneth Feinberg, special master for executive compensation at the U.S. Treasury Dept., the auto maker says in a regulatory filing today.
The Treasury put strict limits on executive compensation at companies receiving taxpayer bailout money, but left room for special exceptions such as Whitacre. The Treasury also made an exception to the rule, which capped cash salaries at $500,000, so GM could land its new CFO Chris Liddell from Microsoft Corp.
Whitacre’s compensation package was made effective Jan. 1, GM says in the Securities and Exchange Commission document.
In addition, GM reveals former President and CEO Fritz Henderson, who abruptly resigned from GM two months ago, remains on the auto maker’s payroll as a consultant.
Henderson receives a fee of $59,090 per month for 20 hours of work on international operations and meeting the unit’s leadership. The agreement expires at the end of the year.