By Mike Colias, Crain News Service
DETROIT (Feb. 11, 2014) — General Motors Co. expects to pay CEO Mary Barra about $14.4 million this year.
GM released the compensation amount Feb. 10 in response to reports speculating on her compensation compared with that of retired CEO Dan Akerson.
Ms. Barra, 52, will be paid a salary of $1.6 million, short-term incentives of $2.8 million and long-term compensation of $10 million. Her $14.4 million total compares with $9 million that Mr. Akerson was paid in 2012. He retired as CEO on Jan. 15. GM has not yet disclosed Mr. Akerson’s compensation for 2013.
Ms. Barra’s pay has been the subject of speculation since GM said last month that a portion of her pay would total $4.4 million—below that of Mr. Akerson. At the time, GM did not disclose Ms. Barra’s long-term compensation because it was subject to approval by GM stockholders in June.
Still, some commentators had questioned why GM would pay a female CEO less than her predecessor.
GM disclosed her total pay Feb. 10, ahead of its proxy filing in April, “to correct misperceptions created by comparisons that used only a portion of Barra’s overall compensation,” GM said in a statement.
“As a new CEO, Mary’s total compensation is in line with her peer group and properly weighted so that most is at-risk,” GM Chairman Tim Solso said in a statement. “The company’s performance will ultimately determine how much she is paid.”
This report appeared on the website of Automotive News, a Detroit-based sister publication of Tire Business.