General Motors Auto Credit (NYSE: GMAC) , a lender that provides auto and home loans, gave CEO Michael Carpenter a pay package worth $1.2 million for just 45 days worth of work, averaging the CEO an income of more than $27,000 per day.
GMAC paid Carpenter $1.2 million in salary and restricted stock options for one and a half months worth of work. This pay-package is equivalent to a full year compensation package worth nearly $10 million, according to a regulatory filing made on Monday. Comparatively, Goldman Sachs’ CEO was paid $9.6 million for his work in 2009.
Carpenter, 62, is a former Citigroup executive who had also managed Travelers Life & Annuity as well as Kidder Peabody. Carpenter succeed Alvaro de Molina as the company’s CEO in mid-November. In GMAC’s filing, the company said that Carpenter’s pay-package was approved by the Treasury Department’s paymaster, Kenneth Feinberg.
“His compensation was determined by the special master and reflects his experience leading other large, complex financial-services organizations,” said company spokeswoman, Gina Proia to the press.
The company has reported a loss in all but one of the last 10 quarters. The company has not been profitable since the fourth quarter of 20098. Most recently, GMAC lost $3.9 billion in the fourth quarter of 2009 and lost a total of $10.3 billion for the year.
In 2009, outgoing CEO De Molina received $3.7 million in compensation. GMAC’s Chief Risk Officer, Samuel Ramsey, earned $7.7 million. The company gave $5.7 million to Thomas Marano, chief of the company’s Residential Capital mortgage unit. CFO Robert Hull earned $4.9 million.
