Info on how much GM CEO Mary Barra made last year has been released.
Barra received $16.2 million in total compensation during her first year as CEO of the American automaker, which included a base salary of $1.6 million, stock awards of $11.8 million and $2.1 million from a short-term, nonequity incentive tied to several performance measures. Most of the rest of her compensation came from changes in pension value and deferred compensation.
It was a rough first year for Barra, who took over as CEO on January 15, 2014. Just a few weeks afterwards, the American automaker had to recall 2.6-million cars for defective ignition switches that have been linked to 87 deaths so far. That recall open the floodgates, with GM recalling a total of over 30 million vehicles in 2014. The ignition switch recall alone cost GM over $3 billion and cost Barra $170,000 in potential pay.
The largest portion of Barra’s compensation was $7.5 million in stock and was awarded based on performance. That money won’t vest until February 2017 and will only be paid if certain performance thresholds are met. Former GM CEO, Dan Akerson, received $2.1 million last year despite retiring two weeks into the year. His compensation comprised of a base salary of $850,000 and $1.1 million in nonequity incentives.
[Source: Automotive News]
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