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General Motors Co.

denied Tuesday that it wants to hike its chief executive's pay by 20 percent and instead says a jump in his stated compensation is because of how restricted stock is awarded.

GM submitted a proposal that called for hiking GM CEO Dan Akerson's total compensation to $11.1 million in 2013, up from 2012, according to a document turned over to Congress and obtained by The Detroit News and other media outlets.

A GM official said Akerson's pay will be shown as $11.1 million for 2012 when GM files in proxy because that includes $2 million in restricted stock initially awarded in 2011.

 


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GM Claims No Raise For CEO, Just Paid Differently Now

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