GM CEO to Get $9M Compensation Package

General Motors' Chief Executive Edward Whitacre will get a compensation package valued at $9 million, including $1.7 million in salary, according to a regulatory filing, MarketWatch reported Saturday.

The package will include $5.3 million in stock and $2 million in restricted shares, according to the filing, which was submitted late Friday.

Whitacre was named CEO of the government-owned automaker on Dec. 1 after Fritz Henderson unexpectedly resigned.

At the time, Whitacre said he was taking on the role as a "public service" and said GM planned to pay off some $8 billion in loans by June. Whitacre is a former head of AT&T Inc.

The U.S. government holds more than 60 percent of GM's common shares and $2.1 billion in preferred stock.

GM's sales in January rose 13.6 percent to 146,825 vehicles from January 2009 which it credited to "continued strong growth of new GM crossovers and passenger cars."

The relatively strong performance last month as well as expectations of a sustained economic recovery prompted the auto maker to boost its sales outlook to 12 million vehicles from 11.5 million units this year.

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