4LT GS RoadsterGeneral Motors Co.'s 26,000 salaried employees won't get raises in 2011, even though the automaker is making money this year, and CEO Daniel Akerson wants "greater flexibility" in compensating top executives.
As part of its massive bailout of the banks, GM and Chrysler Group LLC, the government capped the pay of their executives. But in a speech to the Washington Economic Club on Friday, Akerson said that policy has hindered GM's ability to attract top talent, and driven some employees to companies without pay restrictions.
"We're starting to lose some of those key people to elsewhere," he said.
Hours later, Akerson met with the Treasury Department's Pat Geoghegan, who is overseeing executive compensation at bailed-out companies. Akerson wouldn't elaborate on the visit, but a Treasury spokesman said Geoghegan "routinely meets with executives on these matters."
DNAI
As part of its massive bailout of the banks, GM and Chrysler Group LLC, the government capped the pay of their executives. But in a speech to the Washington Economic Club on Friday, Akerson said that policy has hindered GM's ability to attract top talent, and driven some employees to companies without pay restrictions.
"We're starting to lose some of those key people to elsewhere," he said.
Hours later, Akerson met with the Treasury Department's Pat Geoghegan, who is overseeing executive compensation at bailed-out companies. Akerson wouldn't elaborate on the visit, but a Treasury spokesman said Geoghegan "routinely meets with executives on these matters."
DNAI
