General Motors Co.’s Mary Barra, the auto industry’s first female chief executive officer, will be paid $14.4-million (U.S.) in cash and stock this year, 60 per cent more than her predecessor, the auto maker disclosed on Monday.
GM had previously said Barra, 52, would receive up to $4.4-million in cash and stock compensation this year, but that amount did not include what she would receive under the company’s long-term compensation plan, which totals $10-million.
The long-term portion is subject to shareholder approval at the company’s annual meeting in June. GM said Barra’s total is an increase of 60 per cent over her predecessor, Dan Akerson, who stepped down last month.
GM said it was releasing the figures ahead of its proxy filing in April “to correct misperceptions created by comparisons that used only a portion of Barra’s overall compensation.”
“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.”
GM did not disclose Akerson’s 2013 compensation, but the previous year the No. 1 U.S. auto maker paid him $9-million in cash and stock. His 2012 compensation also included $2-million in restricted stock units that he received in 2011.