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The future of GM? Signs say... YES!
Government Motors now has its FOURTH CEO in just the last two years.
With management like that, how could our Government Motors possibly fail?!?! And, since the problems that led to its near failure two years ago have yet to be fixed, like union expenses, over paid management, GM's future is as bright as it was two years ago.
New General Motors Co. CEO Daniel Akerson will get the same $9 million pay package as the man he replaced, Ed Whitacre.
Akerson, a former telecommunications industry and private equity executive, will receive $1.7 million in annual salary, $5.3 million in short-term stock payable over the next three years, and another $2 million in stock that's part of the company's long-term executive compensation plan.
Akerson, GM's fourth CEO in less than two years, took over leadership of the company on Sept. 1.
Whitacre, CEO since December, said he stepped down because the company needed a chief executive who would be in charge long after it sells stock to the public. The sale, called an initial public offering, is expected in mid-November.
So, the last guy got $9 million dollars for 9 months of work? That's ONE MILLION DOLLARS A MONTH!!!
Oh, but don't worry, he wasn't actually let go. He is still on the payroll...
GM also disclosed that he will get $300,000 to remain on as chairman until the end of the year when Akerson takes over that role as well.
Remember, the reason that this company is government owned. It had been deemed by Congress to have paid its managers too high of a salary that was not judged to be tolerant of Congress' feelings. Therefore, they hired a Pay Czar to dictate to those companies that were nationalized what they could pay to its managers. How's that working out?
GM's SEC filing said that Akerson agreed to the pay package after the government's pay czar approved it Wednesday. Pay czar Kenneth Feinberg stepped down on Friday and was replaced by Treasury Department lawyer Patricia Geoghegan. The pay czar is responsible for setting pay guidelines for top executives at the four companies still getting exceptional assistance from the government's $700 billion bailout fund.
Hmmmm.. there goes the CR(ap) shilling for the democrat administration again. I'm wondering how that would have been written if a Republican had nationalized the auto and finance industry? Would they call it fascist or... exceptional?