General Motors Co's new chief executive, Dan Akerson, will receive a $1.7 million cash salary as well as stock grants, the U.S. government-owned automaker said on Friday.
Akerson, who succeeded Ed Whitacre as CEO on September 1, will receive $5.3 million of stock per year to be parceled out over three years starting next September, and $2 million of restricted stock in addition to the cash salary.
Whitacre, who remains chairman through the end of 2010, will be paid $300,000 for his work on the board for the last four months of the year, GM said.
GM has filed for an initial public offering, expected in November, that would allow the U.S. government to reduce its nearly 61 percent ownership stake in the automaker.
As a recipient of government funds, GM's executive pay remains under the oversight of a federal watchdog. The automaker said the federal regulator had approved the proposed terms of Akerson's compensation on Wednesday.
(Reporting by David Bailey and Kevin Krolicki; Editing by Richard Chang)