WASHINGTON (Reuters) - The compensation packages for the chief executives at General Motors, Chrysler and Ally Financial have not increased in 2011, the Treasury Department said Friday.
While the amount of stock salary and long-term restricted stock awarded to the CEOs has been modified, the cash component of their annual compensation has been frozen at 2010 levels, the government said.
The Obama administration's pay czar has reviewed the compensation packages for the top 25 executives at the four remaining companies that have received extraordinary U.S. government assistance, including Chrysler.
The automaker's chief executive - Sergio Marchionne - is under management control of Italy's Fiat SpA and is compensated by Fiat.
The government's findings disclosed today do not identify executives by name but only by salary rankings.
At GM, the compensation table released by the government shows the highest paid executive will receive $1.7 million in salary in 2011 and performance-based stock awards that will bring total compensation to $9 million. GM is led by CEO Dan Akerson. The U.S. government still owns 33 percent of GM.
The highest paid executive at Ally Financial - CEO Michael Carpenter - will receive no cash salary in 2011 but was granted performance-based stock awards that will total $9.5 million, the government said.
Ally, which is 74 percent owned by the government, announced plans this week for an IPO to repay a portion of the $17.2 billion in aid that Ally received from the Troubled Asset Relief Program.
Under law, the compensation levels of the companies bailed out by U.S. taxpayers -- American International Group, Ally Financial, Chrysler Group LLC and GM -- are reviewed annually by Patricia Geoghegan, the pay czar for the Troubled Asset Relief Program.
The government also said today said that cash compensation levels for the "top 25" officials at each of the firms fell 18.2 percent and their total direct compensation fell 1.3 percent from 2010 levels.
Akerson has lobbied for more leeway on executive pay, claiming the pay caps make it more difficult to hire and retain qualified executives.
GM has replaced several senior executives in recent months with insiders, including its CFO, product chief and Akerson himself, who was a board member before becoming CEO last fall.
The automaker wanted permission to increase cash compensation for some top executives and to be able to increase the number of executives who can exceed the $500,000 pay cap, Dow Jones reported, citing people familiar with the situation.
The pay czar initially oversaw seven companies, but Bank of America and Citigroup have been released from its jurisdiction after repaying taxpayer money.
David Phillips contributed to this report