GMAC CEO Will Receive No Cash Salary for 2010

Printer-friendly version

The CEO of bailed-out auto finance giant GMAC Inc. will receive no cash salary for 2010 and will be compensated
in restricted stock, under a deal approved by Obama administration pay czar Kenneth Feinberg, according to people familiar with the matter.

The package appears to be less generous than one Feinberg approved for GMAC CEO Michael Carpenter late last year, say the
people, who spoke on condition of anonymity because they were not authorized to discuss the matter.

Carpenter took the CEO job in November and received compensation worth about $1.2 million for the last six weeks of 2009 - including restricted stock and about $120,000 in cash - according to company filings. That is equivalent to an annual salary of $9.5 million.

-AP