General Motors CEO to Seek Easing of Executive Pay Limits
According to The Wall Street Journal, Akerson is to meet Friday with the Obama administration official in charge of overseeing and placing limits on executive compensation at companies that received funds under the federal government Targeted Asset Relief Program (TARP).
The Detroit-based automaker, along with rival Chrysler Group, was among the companies to receive TARP funds following the 2008 financial crisis. Though GM has been able to attract top talent despite the salary limits, Akerson said that "we're starting to lose them now" and would like to see pay restrictions eased.
The U.S. Treasury's stake in GM was reduced to about 33% from more than 60% following last month's IPO, but the pay limits remain in place.
The Obama administration hasn't said when or if it will lift the restrictions as long as the government remains a shareholder in GM.