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$9M pay package for GM chief

DETROIT, Feb. 19 (UPI) -- General Motors will pay Chairman Ed Whitacre $1.7 million a year plus $7.3 million in stock shares at a later date, company officials announced.

The U.S. government, which gave GM billions of bailout dollars last year and now has a large stake in the company, has approved the salary, Ward's Automotive reported Friday.

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Former President and CEO Fritz Henderson will continue to receive $59,090 per month as a consultant for the remainder of 2010.

During the recession, GM turned to the government for bailout money and had to enter bankruptcy in June 2009. The company received a total of $60 billion in loans, with the government assuming a 62 percent share in the company.

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