General Motors Co. Chief Executive Ed Whitacre announced that he will receive a pay package priced at $9 million to assist turn around the Government-owned auto maker, according to a regulatory filing.

As per the file Mr. Whitacre, will receive a $1.7 million base salary this year. The remaining of his compensation is comprised of $5.3 million in stock available to him beginning in 2012 and restricted stock

His pay package contrasts favorably with that of his predecessor. In an agreement reached last October with the US Government, Mr. Henderson's pay was squeezed by 25% to $950,000, about half of what he made in 2008.

Mr. Whitacre was appointed the auto maker's full-time CEO last month after a short stint as acting chief. Mr. Whitacre was GM's chairman at the time and continues in that role. He does not receive additional pay for his work as chairman of the board.

Mr. Henderson's pay as CEO had been revised to $5.5 million, including a $1.3 million annual salary. Mr. Henderson's commitment to GM is relatively flexible. According to Friday's filing, he is speculated to grant about 20 hours of consulting a month and meet once a month with the head of GM's international operations. He is free to work for other companies as long as they don't compete with GM.