• Jun 8th 2010 at 6:28PM
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It pays to be an executive for General Motors. Actually, scratch that... it will soon pay to be an executive with General Motors, assuming that the automaker's upcoming Initial Public Offering takes place according to plan. According to our friends at TheDetroitBureau.com, a dozen top officials at the company could be looking at a payday totaling as much as $13 million or more, depending on the value of GM stock after the IPO.
According to filings submitted to the Securities and Exchange Commission, Chairman and CEO Ed Whitacre, Vice Chairman Tom Stephens, Chief Financial Officer Chris Liddell, Vice Chairman Chris Girsky and North American President Mark Reuss are all slated to get major stock deals.

After GM received its $50 billion bailout from the U.S. government, Kenneth Feinberg, Treasury's special master on pay, set up pay restrictions for officials at the automaker that capped salaries at specified levels, oftentimes to no more than $500,000 per year. Naturally, the stock deals awarded to the aforementioned executives after the company's expected IPO should more than help make up for any perceived monetary deficiencies.

[Source: TheDetroitBureau.com]

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