Dozen top General Motors execs share $13M in stock
The awards, disclosed in filings with the U.S. Securities and Exchange Commission, paint a fuller picture of executive compensation at GM, which went through bankruptcy last year and has received about $50 billion in bailout funds.
The filings show top executives received a mix of restricted and salary stock tied to the company's performance. The stock does not have an exercise price, however, because the automaker is technically a private company majority owned by the government. GM is preparing for an initial public offering of stock, perhaps later this year.
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Cash paid to senior executives was set earlier this year by Kenneth Feinberg, the Treasury Department's special master on pay for firms that got large bailouts from the $700 billion Troubled Asset Relief Program. His guidelines resulted in fewer executives being paid cash salaries above $500,000 this year.
GM sought to pay 16 of its top 25 executives more than $500,000 each, but Feinberg approved more than $500,000 for only eight.
Cash is only one part of the executives' compensation. They also receive restricted and salary stock.
The executives must wait at least one year to cash in the salary stock and three years for the restricted stock.
GM has repaid $6.7 billion in federal loans, but downplayed in a controversial commercial that taxpayers are still on the hook for $43 billion in aid that was swapped for a 61 percent majority stake in GM.
GM received $50 billion in U.S. government bailout funds -- but about $43 billion of those were swapped by the government in exchange for a 61 percent majority stake in GM. The government cannot start cashing in its $43 billion investment in GM until the automaker launches an IPO.
Because GM has not issued shares of company stock, the values of the shares were determined by an independent third party. Shares granted before Dec. 31, 2009, were worth $38.87 each while shares granted after that date were worth $53.98, according to an April SEC filing.
But the values are only a "snapshot in time," and subject to change, GM spokeswoman Renee-Rashid-Merem said Monday.
Here is a list of executives and the total number of stock units, according to SEC filings:
? Chairman and CEO Ed Whitacre: 24,547 shares of salary stock.
? Vice Chairman Steve Girsky: 18,063 salary stock units.
? Chris Liddell, vice chairman and chief financial officer: 15,979 shares of salary stock. His compensation package totals $6.27 million, $900,000 of which is cash.
? Tom Stephens, vice chairman of global product operations: 50,521 shares of restricted and salary stock.
? Tim Lee, president of GM's international operations: 25,440 shares of restricted and salary stock.
? Nick Reilly, president of GM Europe: 31,438 shares of restricted and salary stock.
? Mark Reuss, North American president: 25,104 shares of restricted and salary stock.
? Mary Barra, vice president of global human resources: 12,957 shares of restricted and salary stock.
? Selim Bingol, vice president of communications: 258 shares of salary stock.
? Vice President and Chief Information Officer Terry Kline: 12,959 in restricted and salary stock.
? Vice President Michael Millikin, legal and general counsel: 19,142 in restricted and salary stock.
? Nick Cyprus, vice president, controller and chief accounting officer:
19,002 shares of salary stock.Earlier this year, GM disclosed pay packages for certain top officials.
In March, GM said Girsky, who also sits on the automaker's board as a representative of the UAW, would receive a $5.4 million package. The package includes a $500,000 annual salary and $4.5 million in stock spread out over time.
In 2012, Girsky will start to receive $3 million in stock over three years. He also will receive $1.5 million in restricted stock that is tied to the company's performance.
And in February, GM said Chairman and Chief Executive Ed Whitacre Jr. would get a $9 million pay package. In 2012, Whitacre will start to accrue $5.3 million in stock over three years, including $2 million in restricted stock tied to the company's performance.