Akerson Gets Millions More In Cash To Grease His Exit

Bertel Schmitt
by Bertel Schmitt
akerson gets millions more in cash to grease his exit

Companies – or so they say – pay their executives the big bucks to keep them from leaving, or, in corporate-speak to “retain” them. In the case of GM CEO Dan Akerson, they pay him more because he will leave. Nasty people will say “to make him leave.”

Claiming that its 64-year-old CEO may retire soon, GM changed Akerson’s package for 2012. Instead of a mix of “Restricted Stock Units,” (which Akerson would have to keep in the kitty for three years) and “Salary Stock Units” (which he can trade in immediately), Akerson received everything in immediately trade-inable stock, “in acknowledgement of the possibility of his retirement before the completion of the three-year vesting period for RSUs,” a filing with the SEC shows. It’s good to know that Akerson won’t have to worry about his retirement (like some Delphi managers, for instance.)

It is not immediately clear how much money Akerson really made.

Realized Annual CompensationChairman & CEO, Daniel F. Akerson20112012Annual CompensationSalary$1,700,000$1,700,000Stock AwardsSSUs$5,284,238$7,346,373RSUs Earned (1)$1,986,286—All Other Compensation$55,514$70,149Total$9,026,038$9,116,522Annualized Compensation$9,026,038$9,116,522

One table makes us believe he made $9.1 million in 2012.

Name and Principal PositionYearSalaryStockOtherTotalDaniel F. Akerson (1)2012$1,700,000$9,332,659$70,149$11,102,808CEO2011$1,700,000$5,947,229$55,514$7,702,7432010$566,667$1,766,664$194,088$2,527,419

Another table says Akerson made $11.1 million.

Bloomberg, which is better at deciphering these filings, is convinced that “Akerson’s compensation, which is subject to government review because of GM’s 2009 U.S. bailout, increased 44 percent to $11.1 million last year.”

At the RenCen, people claim ignorance when it comes to Akerson’s retirement plans. “We certainly wouldn’t speculate on what he will actually do — that’s up to him,” spokesman Tom Henderson told Bloomberg.

And who will be the man or woman after Akerson? According to Bloomberg, the folks in the running are Steve Girsky, Mary Barra, and TTAC commenter NADude, also known as Mark Reuss.

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4 of 26 comments
  • Jeff S Jeff S on Apr 27, 2013

    @Ed Berry-So what's your point. Iacocca is more capable of running GM at 88 than Ackerson is at 64. Not that Lee would want to do it, you don't think that he could do it. Have you forgotten what he did for Chrysler, or were you not born yet or too young to remember. Maybe in your book you judge a person's competence to manage by their age, but a person can be incompetent regardless of age. Actually I think they could do better to pay a Chinese or Indian CEO a couple of 100k, they couldn't do any worse. Since GM is going to outsource jobs to China why not outsource the CEO? Most American CEOs could care less about the corporation, stockholders, customers, or workers they just want to suck as much money out of the corporation they work for (not own except the stock bonuses they get rewarded with) and if it folds they get a golden parachute. Maybe we could sell GM to the Chinese and get the rest of our money back. I was for the bailout at first but now I think with Akerson and Opel that maybe we need to rid ourselves of this mess if anyone is willing to take GM. It could be too late.

    • See 1 previous
    • Ed Berry Ed Berry on Apr 27, 2013

      With all due respect to Lee Iacocca, he is no youth anymore. Here is a recent media appearance http://www.nbcnews.com/video/nightly-news/18869946 Sure, his mind is still sharp but it is a bit late in life for a comeback as a CEO. Since you ask, yes I know what he did at Chrysler. I bought and read his book about the turnaround.

  • Inside Looking Out Inside Looking Out on Apr 27, 2013

    I did not know that you have to grease shit to make it exit. Cannot they just give enema?

  • Theflyersfan There are times in the comments section where I think either some meds really need to be increased, or meds need to be started...Guys, man, this sort of crap is the new normal. Yes, in 2019, a VW project car would have been in very low four digits, but "in these difficult and trying times," I think the only used cars that exist in that price range are stripped and on concrete blocks in a burned out part of town, or are being used as taxis in less wealthy parts of the world. And all that being said, to the wannabe tuners out there who envision themselves croaking about "family," sucking down product-placed Corona beers, and launching Fieros into space or outrunning submarines on ice in Siberia, I don't think there are enough suckers out there who want to pick up the pieces of your bombed-out Fast and Furious fantasies. Watching YouTube videos and having some help from your cousin fresh out of rehab doesn't turn anyone into an expert under the hood, especially on a quality nightmare called the 2003 VW GTI.
  • Azfelix From certain angles the bonnet appears oversized with respect to the rest of the car - like a skinny teenager wearing a bulky sweater nicked from her older sister's wardrobe.
  • Tassos This is way too god damned OLD, 21 years old to have all the necessary options you need TODAY. You need a 10 year old or less car. AND if you give us THIS POS, a 21 year old model, that is not even a LUXURY car, whoever pays $10k for a Golf, And I Do NOT care what anniversary it is (they are all UTTERLY INSIGNIFICANT) deserves to get this MOST UNRELIABLE AND COSTLY TO REPAIR OF ALL LOUSY ECONOBOXES< EVEN THE DOMESTICS AND THE KOREANS.
  • Tassos As you say, Toyota confirmed this on TUESDAY. Today is WEDNESDAY. Why is everything on TTAC held back one or more days before you tell us the NEWS when it is NO MORE THE NEWS?
  • MRF 95 T-Bird You can find a decent and far more stylish Audi TT or an S4 of a similar vintage for under $10k.