DETROIT - General Motors Co disclosed on Friday that director Stephen Girsky is receiving compensation worth $900,000 per year plus expenses to act as a special adviser to Chairman and Chief Executive Ed Whitacre.
Girsky, a former Morgan Stanley analyst who was named to the board to represent the interests of the United Auto Workers union, began serving as an adviser to Whitacre on Dec. 1 when a board shake-up led to former CEO Fritz Henderson's resignation.
Whitacre, who had no auto industry background before joining GM, has said he is relying heavily on Girsky's guidance as he pushes a new management team toward a goal of returning GM to profitability as soon as this year.
GM, which emerged from bankruptcy in July more than 60 percent held by the U.S. Treasury, said its board of directors approved the terms of Girsky's consulting agreement on Tuesday and he will be paid retroactive to Dec. 1.
Under the terms of the agreement, Girsky receives $75,000 per month in a salary stock grant, plus reimbursement of living expenses in Detroit and travel to and from the city. He also continues to receive $200,000 per year cash as a GM director.
The agreement can be terminated by either GM or Girsky at any time.
The UAW owns 17.5 percent of GM stock through a trust fund for retiree health care.
The compensation committee of the GM board has not set pay for Whitacre, who is now being paid $350,000 per year in his capacity as GM chairman.
GM's newly appointed Chief Financial Officer, Chris Liddell, is being paid $750,000 in salary and $5.45 million in stock-based compensation.
GM is aiming for an public listing of its shares, possibly later this year, and will pay back its debt to the U.S. Treasury by June.
The automaker, which took over $50 billion in government aid, including financing for its restructuring in bankruptcy, is subject to pay restrictions on executives imposed by the Obama administration. (Reporting by David Bailey; editing by Andre Grenon)