Top executives at General Motors Co. and Ally Financial Inc., won't get cash salary pay raises this year, as the Treasury Department's pay czar took a tough line Friday.The Treasury Department said CEO pay remains frozen, and overall compensation actually declined for the top 25 executives at both firms.
Treasury rejected proposed cash salary pay increases for 12 of GM's top 25 executives; Ally didn't seek any cash raises. No top executive for either firm will get a cash pay raise this year.
Overall cash collected by GM's top executives will fall by 31 percent, or $6.6 million in 2013. The lower overall pay is attributed to 10 executives who were new to the top 25 in 2013; they saw cash compensation fall 57 percent compared to what executives had made in 2012.
The tougher stance from the Treasury Department came after a congressional hearing in February criticized executive pay at GM and Ally.
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