Chief Executive Edward Whitacre of General Motors’ shall be receiving a compensation package of $9 million to initiate the process changing the phase of the government-owned auto maker.
According to the filing, the base salary is decided as $1.7 million for this year. The salary is inclusive of $5.3 million in stock available, beginning in 2012 and $2 million in restricted shares.
Further GM has decided to pay its former-CEO $59,090 a month starting this week as an adviser on international operations.
The compensation package for the executives has been by the U.S. Treasury, which had spent billions of dollars in bailing out GM, last year and owns rights in the company.
GM turned bankrupt last year, June due to the declining sales and low economic environment which led GM to turn the tables to the U.S. government for help.
Later, the company came out of the hellish situation of facing the bankruptcy for many days, leading the U.S. government to join its league with a 62% stake in the company. In return, GM received around $60 billion from governmental aid.