General Motors chief Whitacre to get $9mn compensation

NEW YORK: Edwards E Whitacre, Jr, the chief of auto maker General Motors will receive an an annual compensation of USD 9 million including a significant amount in restricted stocks.

General Motors, one of the worst hit by the financial turmoil, has received billions of dollars worth Federal funds.

Whitacre, who is also the car maker's chairman, would receive an annual cash base salary of USD 1.7 million, the company said in a recent regulatory filing to the US Securities and Exchange Commission.

"He will receive an additional portion of his salary in the form of salary stock..., in the amount of USD 5,300,000, which will be delivered ratably over three years beginning 2012, and TARP (Troubled Asset Relief Programme) compliant restricted stock units valued at USD 2,000,000 under the company's 2009 long term incentive plan," the filing noted.

However, Whitacre would not be paid additional compensation for being a member of the company's board.

Whitacre assumed the role of CEO in December last year, following the resignation of Frederick A Henderson.

The compensation plan has been approved by President Barack Obama's Special Master for TARP executive compensation Kenneth Feinberg, the filing said.

General Motors has to pay back more than USD 6 billion to the US government.