GM (GM) Calls Reports of Pay Request Increase for CEO Akerson 'False'

February 26, 2013 9:39 AM EST
General Motors (NYSE: GM) isn't asking for permission to boost CEO Dan Akerson's pay after all.

According to the Detroit Free Press (Freep), GM said someone leaked reports of a proposed $2 million increase in Akerson's pay to "score political points." Akerson wanted his compensation to remain the same in 2013, GM noted. The company submitted a $9 million pay request to the Office of the Special Master for TARP Executive Compensation.

Following the $49.5 billion bailout GM received, executive compensation must be approved by the Treasury Department.

GM has argued in the past that pay restrictions have hurt its ability to attract top talent, but the company believes the Treasury will maintain its position until it sells out of all GM stock. The Treasury recently commenced a share sale in January and holds about $300 million GM shares following the event.

Shares are up about 1.6 percent in early trading Tuesday.

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