General Motors Co. increased Chief Executive Officer Dan Akersonís compensation to $7.7 million for 2011 when he led the company to record profit and GM regained its position as the worldís top-selling automaker.
The automaker also said itís nominating two new directors, including the outgoing head of ConocoPhillips, for election at its June 12 annual meeting in Detroit.
Akerson, whose pay is subject to government review because of GMís 2009 U.S. bailout, received $1.7 million in salary and $6 million in stock awards and other compensation, the Detroit-based automaker said in a regulatory filing. He was paid $2.53 million in 2010 when he replaced Ed Whitacre as CEO and led GM the last four months of that year.
The U.S. Treasury Department said April 6 that Akersonís compensation in 2012 would be frozen at the 2011 level.
Akersonís compensation is a fraction of Ford Chief Executive Officer Alan Mulallyís $29.5 million package last year and the $23.1 million that Volkswagen AG CEO Martin Winterkorn received.
GM earned $9.19 billion last year, the largest annual profit in its 103-year history. The automaker, which lost its global sales crown in 2008 to Toyota, saw deliveries rise 7.6 percent last year to 9.03 million to outsell its Japanese competitor.
GM said itís nominating ConocoPhillips Chief Executive Officer Jim Mulva and Tim Solso, retired CEO of Cummins Inc., for board seats. Mulva departs ConocoPhillips on May 1. The election of Mulva and Solso, both 65, would increase the board to 14 members, including 12 outside directors. Akerson and Vice Chairman Steve Girsky are the two employee directors.
The two are joining the board as Akerson faces challenges in Europe, where GM lost $747 million last year before interest and taxes.