General Motors will pay Stephen Girsky, recently appointed vice chairman in charge of corporate strategy and business development, around $5 million a year, mainly in stocks, the company said on Friday.
In a filing with the U.S. Securities and Exchange Commission, General Motors said Girsky would receive $500,000 a year in base pay, and the remaining 90 percent of his annual compensation in the form of equity.
It also named Patricia Russo, a member of the company's board since July 2009, as lead independent director.
Earlier on Friday, the company offered to keep open 661 of its U.S. dealers previously targeted for closure as it tries to bolster sales after emerging from bankruptcy.
The U.S. Treasury owns 60 percent of GM after the 2009 bankruptcy restructuring.
(Reporting by Ritsuko Ando; Editing by Bill Tarrant)