osoab
10th December 2010, 11:03 AM
General Motors' chief executive has blasted the US government's salary limits for harming its recovery from bankruptcy (http://www.telegraph.co.uk/finance/newsbysector/transport/general-motors/8194839/GM-chief-Dan-Akerson-blasts-governments-pay-limits-for-harming-business.html)
4:56PM GMT 10 Dec 2010
Dan Akerson claims the vehicle maker is suffering in light of the ceilings placed on executive pay at bailed-out companies. The government gave GM $49.5bn in 2008 and 2009, and US taxpayers still own 33pc of the company.
Mr Akerson told the Economic Club of Washington that the company faces many challenges, including the retention of top talent.
"We have to be competitive. We have to be able to attract and retain great people," he said. "We've been able to retain them but we're starting to lose them and I think that's an issue for our owners to recognise."
In a highly unusual outburst, Mr Akerson also criticised Toyota and its popular hybrid car, the Prius.
"We commonly refer to the geek-mobile as the Prius. And I wouldn't be caught dead in a Prius," he said. Speaking of GM's own attempt at an electric car, the Chevrolet Volt, he added: "This actually looks good."
Mr Akerson also said GM was well-positioned to take advantage of growth markets in China and India.
The guy should be happy he has a .gov job. Damn company should have been sold off.
4:56PM GMT 10 Dec 2010
Dan Akerson claims the vehicle maker is suffering in light of the ceilings placed on executive pay at bailed-out companies. The government gave GM $49.5bn in 2008 and 2009, and US taxpayers still own 33pc of the company.
Mr Akerson told the Economic Club of Washington that the company faces many challenges, including the retention of top talent.
"We have to be competitive. We have to be able to attract and retain great people," he said. "We've been able to retain them but we're starting to lose them and I think that's an issue for our owners to recognise."
In a highly unusual outburst, Mr Akerson also criticised Toyota and its popular hybrid car, the Prius.
"We commonly refer to the geek-mobile as the Prius. And I wouldn't be caught dead in a Prius," he said. Speaking of GM's own attempt at an electric car, the Chevrolet Volt, he added: "This actually looks good."
Mr Akerson also said GM was well-positioned to take advantage of growth markets in China and India.
The guy should be happy he has a .gov job. Damn company should have been sold off.