agent Entrepreneur logo
MenuMENU
SearchSEARCH

Pay Limited for GMAC Executives

March 13, 2010
2 min to read


GMAC Inc., which lost $10.4 billion last year, will pay its chief executive $9 million in all-stock compensation this year and limit the pay of its top 25 executives to no more than $500,000 in cash, The Detroit News reported. GMAC CEO Michael Carpenter will not able to cash in the $9 million in stock until the company repays its government loans. GMAC has received $17.2 billion in government support and the U.S. Treasury owns a 56 percent stake in the company. Kenneth Feinberg, the Treasury Department's special master for compensation, has been working to approve the pay packages for the top 25 executives at companies that have received exceptional government assistance: GMAC, General Motors Co., Chrysler Group LLC, Chrysler Financial LLC and AIG Corp. Meg Reilly, a spokeswoman for the Treasury Department, said Feinberg "worked with (GMAC) to determine a pay package that strikes the right balance between the need to protect taxpayer investments and reward performance." Carpenter, a GMAC board member, became CEO in November, and earned $802,000 in 2009 with $119,000 in cash. Feinberg last month approved a $9 million compensation package for GM CEO Edward Whitacre Jr. GMAC saw some pay proposals rejected by Feinberg in 2009. GMAC's salaries fell by 50 percent, and total compensation by 86 percent. At GMAC, 85 percent of compensation was in stock and 15 percent in cash for the top 25 executives last year. Just two of the top 25 made more than $500,000 in cash in 2009, a spokeswoman told The Detroit News.

More Industry

F&Iby Lauren LawrenceFebruary 27, 2026

Price Driving Insurance Churn

Over half of insurance holders ages 18 to 29 reported to be 'somewhat' likely to change providers in the next 90 days, according to CivicScience, which found that interest was lower among older age groups.

Read More →
Industryby Lauren LawrenceFebruary 26, 2026

AI Drives Dealer Website Traffic

Total visits to dealer websites from generative artificial intelligence platforms grew more than 15 times year-over-year, signaling a shift in how many consumers shop for cars online.

Read More →
Industryby Hannah MitchellFebruary 26, 2026

Automakers Tops in Fuel Economy

In the U.S., Honda has the most efficient gas-electrified combo lineup while Tesla beats all automakers in annual EPA ranking as brands built their alternative-fuel offerings.

Read More →
Ad Loading...
F&Iby Lauren LawrenceFebruary 25, 2026

Report Finds Year-End F&I Strength

Deal volume ebbed and flowed throughout 2025, but product performance remained steady, according to automotive technology and data intelligence solutions provider StoneEagle.

Read More →
Industryby Hannah MitchellFebruary 24, 2026

Overall Consumer Confidence Up

Americans’ view of present business conditions, the labor market and family finances, though, are still in the dumps, and if they plan to buy cars, many target used units.

Read More →
Auto Financeby Lauren LawrenceFebruary 23, 2026

Auto Loan Forecast Bucks Market Trend

Auto loan originations rose over 6% year-over-year in the third quarter of 2025, but TransUnion predicts a slight decline in auto loan growth this year, making it an outlier in the company's overall lending forecast.

Read More →
Ad Loading...
F&Iby Hannah MitchellFebruary 23, 2026

Some Auto Brands Cheaper to Insure

A new top 10 list ranks the least expensive for average full insurance coverage on a clean driving record and high driver credit scores.

Read More →
Industryby StaffFebruary 20, 2026

Learn to Manage the Mayhem at Agent Summit

Rob Mancuso – president of Mancuso Automotive – will present a Keynote at the 2026 event.

Read More →
Fixed Opsby Hannah MitchellFebruary 20, 2026

Auto Recalls Sank Last Year

2025 Sedgwick data indicate that the number of vehicles affected fell to its lowest point in more than a decade.

Read More →
Ad Loading...
Industryby Lauren LawrenceFebruary 19, 2026

Affordability Leads Top-Rated List

Edmunds’ editorial team tested 300-plus vehicles to help determine the Top Rated Awards for 2026, and one brand stood out with multiple rankings, including Best of the Best.

Read More →