GM CFO to earn $750K

DETROIT — The new chief financial officer at General Motors Co. will receive a salary of US$750,000 next year, but he’ll get up to another $5.45 million worth of stock starting in 2012 if GM successfully sells shares to the public.

DETROIT — The new chief financial officer at General Motors Co. will receive a salary of US$750,000 next year, but he’ll get up to another $5.45 million worth of stock starting in 2012 if GM successfully sells shares to the public.

Chris Liddell’s pay package exceeds the limits imposed on companies that have received U.S. government aid, but an exemption was worked out with the government pay czar Kenneth Feinberg, GM said in a government filing Wednesday.

Liddell’s compensation package will exceed that at Microsoft Corp. when accounting for his stock awards. His pay package at the software giant was about $2.4 million.

Liddell, 51, will leave his job as Microsoft Corp.’s CFO on Dec. 31 and join GM next year. He is seen as a possible candidate for GM’s next CEO.

GM’s current CEO Ed Whitacre Jr. is not earning a salary, but he receives a $350,000 annual stipend as a board member. His predecessor Frederick “Fritz” Henderson, who was ousted earlier this month, was receiving a compensation package of nearly $5.5 million, including a cash salary of $950,000, under Feinberg’s pay rules.

In addition to a base salary of $750,000, Liddell will receive $3.45 million in company stock over three years starting in 2012. He will receive another stock grant of $2 million that vests in three years and is payable in 25 per cent instalments for every 25 per cent repayment of GM’s $6.7 billion in government loans.

GM has received $52 billion in taxpayer assistance, but most of that has been converted into equity that gives the U.S. government a 60 per cent stake in the company. Last week, GM repaid $1 billion, its first payment to the government.

Under new pay rules for companies that received substantial government aid set in October, the base pay of General Motors’ top executives is capped at $500,000. Much of the compensation for GM officials will be paid in company stock that cannot be redeemed until beginning in 2011 or after GM starts repaying its government loans.

However, a small number of exemptions to pay limits have been granted in the case of other major recipients of government money, including boosting the pay package of an American International Group Inc. employee to better align it with other executives at the insurer.

Just Posted

Scares and chills await at haunted house in Red Deer

Zed Haunted House helps raise money for Boys and Girls Club of Red Deer District

PHOTO: Renewable Energy Fair at Red Deer College

The Renewable Energy Fair and Workshops event was held at Red Deer… Continue reading

PHOTOS: Red Deer College Queens host third annual Pink in the Rink game

Queens raised $12,035 for the Central Alberta Cancer Centre.

PHOTOS: The Mustard Seed CEO speaks at Seeds of Hope Gala in Red Deer

The first-ever Seeds of Hope Gala was held at the Red Deer… Continue reading

Person airlifted to hospital after collision near Innisfail

One person was airlifted to hospital after a serious collision west of… Continue reading

WATCH: Make-A-Wish grants Star Wars loving teen’s wish

The Make-A-Wish Foundation granted Anakin Suerink’s wish in Red Deer Saturday afternoon

Turkey to reveal details of probe into Khashoggi’s killing

ISTANBUL — In a sign of growing pressure on Saudi Arabia, Turkey… Continue reading

Utah truck driver is jailed without bond after crash kills 6

HEBER, Utah — A man suspected of driving under the influence remained… Continue reading

A ragged, growing army of migrants resumes march toward US

TAPACHULA, Mexico — A ragged army of Honduran migrants streamed through southern… Continue reading

Postal workers to begin strikes in 4 Canadian cities Monday if deal not reached

OTTAWA — The union representing 50,000 Canada Post employees says it will… Continue reading

Migrant caravan swells to 5,000, resumes advance toward US

CIUDAD HIDALGO, Mexico — Despite Mexican efforts to stop them at the… Continue reading

“I don’t feel real”: Mental stress mounting after Michael

PANAMA CITY, Fla. — Amy Cross has a hard time explaining the… Continue reading

Toronto residents set to vote Monday on the next four years of civic leaders

Toronto’s municipal election campaign, marked by unprecedented provincial interference, ends Monday when… Continue reading

Former PQ minister Lise Payette remembered as role model for female politicians

MONTREAL — Members from across Quebec’s political spectrum gathered at a downtown… Continue reading

Most Read