Akerson Will Not Receive 20 Percent Pay Increase
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A report from The Detroit News first stated that General Motors CEO Dan Akerson would see a 20 percent pay increase for 2013 over that of 2012, for $11.1 million in total compensation. The automaker quickly fired back, saying there’s no pay increase at all; it will, in fact, remain the same. Akerson even requested it so, according to a GM statement.
It turns out that while GM filed $9 million in compensation for Akerson for 2012, there was also $2.1 million in restricted stock that was not vested last year. This means that the chief executive was not able to access that amount until a scheduled date at a later time, which was not during 2012. So while it may appear that GM originally compensated Akerson $9 million in 2012, Akerson’s $11.1 million for 2013 is the same as last year when restricted stock is taken into account.
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Good.