In this paper it is presented a PI control scheme with guaranteed stability properties for the Permanent Magnet Synchronous Motor (PMSM). The proposed controller solves the speed tracking control problem and is of the output feedback type, since it is assumed that only stator currents and the rotor position are available for measurement, i.e. it is avoided the use of (noisy) speed sensors. The algorithm is equipped with an adaptation mechanism that compensates a (constant) unknown load torque. From a theoretical perspective its more valuable characteristic lies in the fact that Uniform Global Exponential Stability (UGES) of the desired operation regime is achieved. The usefulness of the proposed scheme is evaluated in a numerical setting.