Jump to content

GM Executives Purchase Stock


Recommended Posts

GM Executives Purchase Stock

By Ward’s Staff

WardsAuto.com, Nov 24, 2010 1:08 PM

Top General Motors Co. executives collectively acquired millions of dollars in company stock in the first week after shares returned to public trading with the richest debut in U.S. history.

GM CEO Dan Akerson purchased 15,000 shares valued at $503,094. Appointed to GM’s board of directors after the auto maker exited bankruptcy some 16 months ago, Akerson took over as CEO from Chairman Ed Whitacre on Sept. 1 to direct a road show leading to the $21.2 billion initial public offering.

Akerson, 61, will become chairman of GM at the end of the year, when Whitacre retires completely. A former private equity executive, Akerson was awarded a pay package earlier this year valued at $9 million.

Whitacre, who will receive total compensation this year also of $9 million, purchased shares valued at $554,158.

GM Vice Chairman and Chief Financial Officer Chris Liddell, hired away from Microsoft Corp. last year to fix GM’s finance department, purchased stock worth $26,400.

A number of additional GM executives and officers, including vice chairmen Stephen Girskey and Tom Stephens, also acquired shares valued at $26,400, according to a filing earlier today with the Securities and Exchange Commission.

GM’s IPO last week reduced the U.S. Treasury’s stake to 33% from 61%, earning taxpayers just over $11 billion. The Treasury used some $50 billion in taxpayer funds to usher GM through bankruptcy and its subsequent restructuring.



Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets


  • Create New...