GM Chief Wants Government Nod to Pay Raise

Dec. 10, 2010
Says they are starting to lose talent

The head of General Motors, Dan Akerson, said on Dec. 10 that he wanted the government to allow the company more freedom in awarding executive pay raises.

"We have been able to attract and retain great people... but we are starting to lose them now," Akerson said in remarks to members of the Economic Club of Washington.

The GM chief executive said he was to meet later in the day with Patricia Geoghegan, President Barack Obama's "pay czar" in charge of preventing bailed-out companies from using taxpayer dollars to pay excessive salaries.

Under the program, GM and other rescued companies that have not repaid public aid must submit their executive pay proposals to the pay czar's office for approval.

Asked whether government control on pay was still appropriate, Akerson replied: "That is still true."

Copyright Agence France-Presse, 2010

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