NEW YORK (TheStreet) -- GM CEO Dan Akerson will be receiving an annual salary of $1.7 million in cash, part of a larger $9-million compensation package that's at least as good as predecessor Ed Whitacre's.
Akerson's pay package also includes $5.3 million worth of stock over a three-year period beginning Sept. 30 of next year. Furthermore, there will also be a restricted stock salary of $2 million.
GM's new CEO, Dan Akerson
Meanwhile, Whitacre will continue to receive a $300,000 salary stream during his last few months of service GM. He'll be remaining as GM's chairman until the end of this calendar year.
In August, General Motors announced the resignation of Whitacre as the automaker posted a quarterly profit of $1.3 billion ahead of its IPO.
Whitacre will be replaced by Akerson, who heads the
global buyout division. Akerson's resume includes key positions at large companies including
During GM's earnings call, Whitacre said that Akerson has been deeply involved in GM and "I think the transition will be very smooth." Akerson joined GM's board in July 2009.
Whitacre joined the company in July 2009, when it surfaced from bankruptcy.
-- Written by Andrea Tse in New York.
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