Compensation for chief executives at AIG, Ally Financial and GM — the three remaining companies in the TARP program that received what the government calls "exceptional assistance" — is being frozen at last year's levels, the Treasury Department said.
The ruling from Patricia Geoghegan, acting special master for executive compensation under the Troubled Asset Relief Program, said the mix of stock and salary compensation going to the chief executives this year might shift, but the overall value of their pay packages will not increase from what they made in 2011.
At General Motors Co., total direct compensation for the top 23 executives will decline $8.8 million, or 12%, from 2011, the Treasury Department said Friday. The highest-paid employee, identified only by a number in the report, will pull in $9 million this year through a cash-and-stock-based salary and long-term restricted stock.
At Ally Financial Inc. (formerly GMAC), overall direct compensation will fall 3.3%, or $2.6 million, while the top-paid employee will earn $9.5 million.