WASHINGTON — General Motors Co. said Tuesday it had submitted its executive compensation proposal to the Obama administration, complying with a requirement for companies bailed out by the federal government.
GM spokesman Tom Wilkinson declined to elaborate on the proposal for compensating Chief Executive Officer Fritz Henderson and other top executives. GM, along with Chrysler Group LLC, several banks and other entities, must submit plans to compensate its 100 highest-paid employees by Thursday.
The Obama administration has appointed Kenneth Feinberg to oversee compensation at the companies. Feinberg could reject pay plans he deems excessive, and he is expected to take 60 days to review the proposals.