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UPDATE 1-GM to seek easing of executive pay restrictions

By Reuters  |  General News  |  Dec 10, 2010 03:04PM GMT  |   Add a Comment
 
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* GM CEO: Need 'some relaxation' in pay restrictions

UPDATE 1-GM to seek easing of executive pay restrictions

* Akerson: GM starting to lose talent because of pay caps

WASHINGTON, Dec 10 (Reuters) - General Motors Co Chief Executive Dan Akerson said on Friday that the automaker is seeking "some relaxation" in the restrictions on executive pay imposed by the U.S. government.

"We have to be competitive and retain talent," Akerson said in response to a question at the Economic Club of Washington, D.C. "We're starting to lose them now."

Akerson, who guided GM through the November initial public offering of shares that reduced the U.S. Treasury's stake to about 33 percent from 61 percent of the top U.S. automaker, said he would meet with the U.S. Treasury's special paymaster Friday to discuss the issue of executive compensation. (Reporting by John Crawley; writing by Kevin Krolicki, editing by Gerald E. McCormick)

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