General Motors CEO to Seek Easing of Executive Pay Limits

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Now that General Motors (GM) is on better financial footing and the automaker's initial public offering of stock is behind it, CEO Daniel Akerson (pictured) reportedly is seeking to have government restrictions on executive pay eased.

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.

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"We have to be competitive and retain talent," Akerson said in response to a question at the Economic Club of Washington, D.C., according to Reuters.

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.



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