DETROIT (AP) — General Motors Co. says it will pay former Wall Street analyst Stephen Girsky $900,000 per year in company stock for his services as adviser to the chairman.
The automaker says in a filling with the Securities and Exchange Commission that Girsky will get $75,000 per month in stock as part of the company’s employee salary stock plan.
The stock can be settled in one-third increments starting March 31 of 2011. He also will be paid expenses for living in Detroit as well as travel expenses.
GM is 60 percent owned by the federal government and has received $52 billion in federal aid. The company plans to repay as much of the money as possible by issuing stock to the public, perhaps later this year.