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Wed August 12, 2009
GM submits executive compensation plan
WASHINGTON – General Motors Co. says it has submitted its executive compensation proposal to the Obama administration.
GM, along with several banks and other firms, must submit plans to compensate its 100 highest-paid employees under the terms of its government bailout. The deadline for the proposals is Thursday.
The Obama administration has appointed Kenneth Feinberg to oversee compensation at the firms. Feinberg could reject pay plans he deems excessive, and he is expected to take 60 days to review the proposals.
GM spokesman Tom Wilkinson says the plans have been submitted ahead of the deadline. He declined to provide details.
GM received $50 billion from the government and emerged from bankruptcy on July 10.