Roundup: Former GM chief paid $9M; Philly papers to be sold; more
Ex-GM CEO banked $9M in 2013
Former General Motors CEO Dan Akerson's compensation fell 18 percent last year to just over $9 million, which the company said was because of the timing of stock awards. Akerson, who stepped down in January, received $1.7 million in salary, the same as in 2012, but his stock awards fell by almost $2 million to $7.3 million. Spokesman Tom Henderson said the decline wasn't based on his performance. Akerson's short-term stock awards were bumped up in 2012 in anticipation of his 2014 retirement, and he gave up some long-term stock awards for 2013 when he retired in January, Henderson said. Akerson's replacement, Mary Barra, received compensation worth just over $5.2 million last year in her role as global product development chief, up 12 percent from 2012. GM has disclosed that she'll get a package this year that the company values at $14.4 million.
Philly newspapers to be sold to insiders
A Delaware judge has ruled that Philadelphia's two largest newspapers will be sold at an ascending-bid auction open only to insiders. The decision on Friday is a victory for majority owner George Norcross in his fight for control of The Philadelphia Inquirer and Philadelphia Daily News. Norcross and fellow investor Lewis Katz have been locked in a fight over how to run the company, prompting the latest sale. Both men have pledged to open with a starting bid of $77 million.
Other business news
• Delta Air Lines will resume direct flights from Pittsburgh to Paris on Sunday, marking the sixth straight year the airline has offered the seasonal service. Nonstop flights between Pittsburgh International Airport and Paris Charles de Gaulle Airport depart five days a week. Delta typically offers the service each year from May through October.
• PGT Trucking Inc., a Monaca-based flatbed carrier, has agreed to acquire Kelworth Trucking Co., a 100-truck flatbed carrier in Poteau, Okla., for an undisclosed price. PGT said the deal marks its second in 10 months. In August, the company purchased Liedtka Trucking of Trenton, N.J.
• Pittsburgh Electric Engines Inc. was acquired by Port Washington, N.Y.-based Watt Fuel Cell Corp. for an undisclosed price, the companies said. Mt. Pleasant-based Pittsburgh Electric Engines is a manufacturer of fuel cells for commercial vehicles. The deal is not expected to affect the number of employees in Mt. Pleasant.
— Staff and wire reports