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

(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.

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)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
3%
5%
4%
19%
2%
67%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!