WASHINGTON, DC-General Motors CEO Dan Akerson said in a speech to the Economic Club of Washington, DC, Friday that the company’s executive retention problems are likely due to pay limits, according to a story by the Associated Press .
Akerson said the company’s efforts to overcome its bankruptcy
troubles are hampered by the salary limits the government put in place for
companies that accepted federal bailouts.
"We have to be competitive. We have to be able to attract and
retain great people," Akerson was quoted as saying. "We've been able
to retain them but we're starting to lose them and I think that's an issue for
our owners to recognize that in their best interest, there should be some
The government gave General Motors $49.5 billion to bail out the company
in 2008 and 2009. U.S.
taxpayers still own 33 % of the company.
GM CEO Says Salary Cuts Hinder Growth
December 20, 2010