General Motors’ new CEO Daniel Akerson will get a pay package worth $9 million in salary and stock to run the automaker, the same pay package granted to his predecessor.
The company disclosed in a regulatory filing Friday that Akerson will get $1.7 million per year in salary, plus $5.3 million in stock paid over three years beginning on Sept. 30, 2011. He'll also get $2 million more in stock as part of a long-term incentive plan. He will not be paid for serving on the company's board.
Akerson is a former board member who took over as CEO on Sept. 1. He replaces Ed Whitacre who stepped down in December because he didn't want to stay with the company for very long after it sells stock to the public.
GM's initial public offering is expected in mid-November.
The automaker, which is 60.8 percent owned by the U.S. government, disclosed the pay package in a filing on Friday with the Securities and Exchange Commission. It is identical to what the company disclosed for Whitacre in February.
Akerson also is on GM's board of directors, but will receive no compensation for his duties there, the filing said.
GM's SEC filing said that Akerson agreed to the pay package after the government's pay czar approved it Wednesday.