GM's New Female CEO Receives Major Pay Package
Mary Barra will take home $14.4M this year
By Newser Editors and Wire Services
Posted Feb 10, 2014 3:36 PM CST
Updated Feb 10, 2014 4:06 PM CST
In this Monday, Jan. 13, 2014, file photo incoming General Motors CEO Mary Barra appears at the North American International Auto Show in Detroit.   (AP Photo/Paul Sancya)

(Newser) – General Motors says new CEO Mary Barra will get a pay package worth $14.4 million this year—a 60% increase over the pay of Dan Akerson, who she replaced last month, CNN Money reports. Barra is the first woman CEO of a major global automaker. She'll get $1.6 million in salary, $2.8 million in short-term incentives, and long-term stock compensation worth $10 million. The long-term amount is part of a new incentive plan that has to be voted on by shareholders in June.

Chairman Tim Solso said in a statement that Barra's package is line with her peer group and weighted so that most of it is based on company performance. GM said it released her pay to temper a controversy that arose last week when Fox Business and ThinkProgress mistakenly reported that Barra would make far less than Akerson (only her base pay and short-term stock bonus was being reported). Akerson's $9 million in pay and bonuses last year was limited by a cap in the US Treasury Department bailout of the automaker—a cap that was removed when the Treasury sold its last GM shares in December.

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Showing 3 of 33 comments
Feb 12, 2014 7:38 AM CST
Notice this "major pay package" followed reports in the media that she was making 1/3 less than the previous CEO who happened to be a male?
Feb 11, 2014 10:20 PM CST
This is ridiculous. Though I am delighted that a hands on designer worked her way up through the ranks to the position of CEO, this compensation package is an obscenity. !!!60 percent more than her predecessor!!! We all know that U.S. CEO's are vastly overcompensated for starters, and now this. INSANE. No amount is too much for the CEO's, while nothing is too little for the workers, right? Oh, you want $10.10 for a minimum wage? What have you done to deserve that? Pu-leeze.
FURonnie Bed Time For Bonzo
Feb 11, 2014 6:17 PM CST
A friend had a large GM stock portfolio and lost it all when the stock fell through the floor. I did not feel too sorry for him because he made millions selling now obsolete crap to the military racket.