Treasury freezes pay for GM's Akerson, Ally's Carpenter
Akerson: No cash bonus for 2011.
WASHINGTON (Reuters) -- The Treasury Department said today that 2012 compensation for the CEOs of the final three firms that got exceptional bailout assistance during the financial crisis -- including GM CEO Dan Akerson -- was being frozen at 2011 levels.
The ruling from the special master for executive compensation under the Troubled Asset Relief Program, or TARP, applies to the leaders of AIG, General Motors and Ally Financial, which was formerly called GMAC.
Treasury also said total direct compensation for 69 other senior executives at the three firms was being cut by 10 percent from 2011 levels.
Akerson said Jan. 10 that he won't get a cash bonus for 2011, the year the company earned a record profit and again became the world's largest automaker. Akerson, who served as CEO for four months in 2010, received $2.53 million in total compensation for that year, GM said in a proxy statement last year.
GM has not yet disclosed Akerson's total compensation for 2011.
Ally, the banking and auto financial services company that was once part of GM, said in its annual report that CEO Michael Carpenter collected total compensation of $9.54 million in 2011, according to a Dow Jones report. Almost all of Carpenter's compensation came in the form of stock awards, the report said.
Bloomberg and Automotive News staff contributed to this report.Contact Automotive News