Wednesday, March 12, 2014
The Associated Press
DETROIT — New General Motors CEO Mary Barra will get a pay package worth $14.4 million this year, 58 percent more than her male predecessor, the company said Monday.
GM released the figure to counter reports that said Barra, the first woman to lead a major automaker, would be paid less than former Chairman and CEO Dan Akerson.
Those reports calculated Barra’s compensation without including her long-term stock compensation, and the company was criticized for paying a woman leader less than a man.
Barra will get $1.6 million in salary, $2.8 million in short-term incentives and long-term stock compensation worth $10 million, the company said in a statement. The long-term amount is part of a new incentive plan that still has to be voted on by shareholders in June.
Akerson received roughly $9.1 million for 2013, the same package he received in 2012, GM spokesman Greg Martin said. His base salary was $100,000 more than Barra will get, but she likely will earn far more in stock-based compensation.
Chairman Tim Solso said in a statement that Barra’s package is weighted so that most of it is “at risk,” or based on the company’s long-term performance.
GM said it normally releases the figures in late April with its annual proxy statement, but unveiled them early “to correct misperceptions created by comparisons that used only a portion of Barra’s overall compensation.”
Under an Associated Press executive compensation formula, Akerson’s package was worth $11.1 million last year. The AP included $2 million in restricted stock that GM did not.