DETROIT – General Motor Co.'s new finance chief Daniel Ammann will receive a base salary of $750,000 and stock options valued at almost $3.5 million when he steps into the new role next month.
Mr. Ammann, a former Morgan Stanley managing director who had served as the auto maker's treasurer, will succeed current chief financial officer Chris Liddell on April 1, reported The Wall Street Journal.
Under the payment package, Mr. Ammann will receive stock totaling $2,050,000 which will be granted quarterly and delivered in annual installments over three years beginning in 2012, the auto maker said in a federal filing Thursday. He will also receive some restricted stock valued at $1,400,000 under the company's long-term incentive plan.
The salary comes just after GM's first profitable year in more than a decade and less than two year after the auto maker's government funded bankruptcy. Mr. Ammann was a central player in GM's successful initial public offering last year.