According to a regulatory filing, Ed Whitacre, Chief Executive of General Motors Co. is going to receive a pay package valued at $9 million. He will receive a base salary $1.7 million for this year. Apart from the base salary, compensation comprises of $5.3 million in stock will be provided to him and the restricted stock units value is currently at $2 million. Mr. Whitacre was a former chairman and chief executive of AT&T.
Obama administration had brought him as the Chairman of GM in the middle of summer last year. After General Motor’s federally financed bankruptcy reorganization he has promised to repay a $6.7 billion in U.S. government loans by this summer. He has also predicted that for the first time in six years GM will become profitable in 2010. Mr. Whitacre became GM’s full-time CEO last month.
Earlier there was a restriction on pay imposed by the U.S. Government on companies due to it bailed out. Government’s pay restrictions were making it complex for GM to find an appropriate candidate for CEO. But when U.S. Treasury approved the package, Whitacre, Chief of GM is all set to get an excellent package.