By KEN THOMAS
Associated Press
WASHINGTON – The top executive at General Motors said Friday that the automaker’s attempt to rebound from its bankruptcy is being hindered by salary limits the government has clamped on executives at companies that accepted federal bailouts.
GM CEO Dan Akerson said in a speech to the Economic Club of Washington, D.C., that the company faces many challenges, including the retention of top talent in its executive ranks. He suggested relaxing the pay limits, and said he was meeting later in the day with federal officials who oversee executive compensation for companies that received bailouts.
“We have to be competitive. We have to be able to attract and retain great people,” Akerson said, adding, “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 recognize that in their best interest, there should be some relaxing.”