Ally Joins GM as CEO Pay, Cash Bonuses Frozen by TARP PaymasterDakin Campbell
The U.S. Treasury Department froze some 2013 pay for top executives at Ally Financial Inc. and General Motors Co., two firms yet to repay money received under special bailout terms during the financial crisis.
Compensation for the chief executive officers of the two firms is frozen, and cash compensation also won’t rise this year, according to documents released today by Patricia Geoghegan, acting special master for compensation under the Troubled Asset Relief Program. More than 80 percent of pay for the top 25 highest-paid executives at the two Detroit-based firms is stock and thus tied to performance, the agency said.
Ally CEO Michael Carpenter received $9.56 million in compensation last year, including $9.5 million in deferred stock units, according to a March 1 filing. Carpenter, 66, didn’t receive a cash salary last year. The pay mix for GM CEO Dan Akerson, 64, was changed in 2012 to accommodate the possibility he may retire before his long-term restricted stock vests in three years, the company said yesterday.