GM To Seek Easing Of Executive Pay Restrictions
WASHINGTON - General Motors Co Chief Executive Dan Akerson said on Friday that the automaker is seeking "some relaxation" in the restrictions on executive pay imposed by the U.S. government, reported Reuters.
"We have to be competitive and retain talent," Akerson said in response to a question at the Economic Club of Washington, D.C. "We're starting to lose them now."
Akerson said he would meet with the U.S. Treasury's special paymaster on Friday to discuss the issue of executive compensation.
Akerson guided GM through its blockbuster initial public offering in November that reduced the U.S. Treasury's stake to about 33 percent from 61 percent.
The IPO for the top U.S. automaker came just over a year after it was put through a restructuring in bankruptcy funded by the Obama administration.
Akerson, who in September became GM's fourth CEO in under two years, said the automaker was determined to never repeat the missteps that led to its 2009 bailout.
"We are humbled by our near-death experience," he said.
In his speech, one of his highest profile public appearances since the IPO, Akerson repeated several key points that GM and its bankers made to investors during the run-up to the record $23.1 billion share offering.
Akerson said investors "saw a new company" with a competitive cost structure, leaner inventories, stronger brands and new success in avoiding the damaging discounting that it relied on to drive sales earlier this decade.
"All of which is resulting in improved earnings and cash flow," Akerson said just blocks from the executive office building where Obama administration officials orchestrated the company's wrenching overhaul.
Akerson said GM was positioned to break even if industry-wide auto sales were to retreat and was "better positioned" than other automakers to take advantage of the "huge growth potential" of China, India and Brazil.
More Industry

Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →