Fair Wages for GM’s CEO?
Posted on September 13, 2010
Filed Under Corporate Greed
Don’t we all wish we could bring home $9 million per year? It is probably safe to say people would be more than comfortable if they brought home more than $100,000 per year, let alone in the millions like the CEO of Hartford Hyundai does. It can be difficult to find out exactly how much the CEOs of auto manufacturers make annually, and Chrysler CEO wages aren’t publicly released; willing to bet the employees of Birmingham Dodge Chrysler make a mere fraction of the CEO wage. Well, General Motors has announced that their new CEO, Daniel Akerson, will be bringing home $9 million this year.
That may seem like a lot, but the CEO of Ford Motor Company, Alan Mulally, makes $17.9 million per year. They have a great line up of vehicles which can be found at San Antonio Ford, but does one man really need to earn that much money? It might make it seem better if you consider that his actual paycheck is only $1.7 million per year and the remainder of his pay package comes from two types of stock. Akerson will get $5.3 million worth of stock every year for three years at the end of September 2011. Additionally, he will begin receiving $2 million worth of restricted long-term stock in 2012.
General Motors has appointed four CEOs since 2009, and Akerson replaces Ed Whitacre. Both men joined the board in July of 2009, but when GM announced their plans for the initial public stock offer, Whitacre decided he should resign. Akerson is receiving the same pay package that Whitacre was set to earn. It is considerably less than the CEO from 2001, Rick Wagoner. Wagoner was asked to step down by the Obama administration at the beginning of 2009, but he still brought home $14.9 million in 2008. Perhaps that is why the U.S. Government owns 61% of General Motors?
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