The beleaguered automotive company General Motors has decided to pay the newly appointed Vice Chairman, Stephen Girsky, $5 million per annum as salary. This was announced on Friday.

Girsky is going to take care of the Corporate Strategy and Business Development wing of the company.

Most of the compensation would be in form of stock and the rest will be in cash, said GM.

In a filing made to the US Securities and Exchange Commission, the auto maker said that Girsky would be given $500,000 a year as base pay and other parts in form of equity within the company.

The news comes in the backdrop of the fact that the auto maker has made an offer to keep open its 661 dealers in the US.

These dealerships will be closed as per the past plans.

Meanwhile, GM has also named, in its filing, Patricia Russo as an independent director of the company. She has been on its board since July 2009.

All these are part of the restructuring of the company, which began after the government ordered it to do so. US Treasury has 60 per cent stake in it.