GM announces salary for CEO Barra, executive team
Mary Barra,General Motors' new chief executive officer and the auto industry's first female CEO, will be paid up to $4.4 million in cash and stock compensation this year, GM disclosed in a federal filing on Friday.
The package for Barra, who assumed her new role on Wednesday, does not include what she and other executives will receive under the long-term compensation plan, which is subject to shareholder approval in June. GM will disclose those details in April.
The No. 1 U.S. automaker revealed in documents filed with the U.S.Securities and Exchange Commission that Barra, 52, will receive an annual cash base salary of $1.6 million. She also will be eligible for $2.8 million under the company's short-term incentive plan.
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GM has not yet disclosed what former CEO Dan Akerson was paid in 2013, but the previous year he was paid $11.1 million, including $1.7 million in cash and $7.3 million in stock and other incentives.The 2012 figure also reflected $2 million in restricted stock units that he received in 2011.
GM also said on Friday that new President Dan Ammann, the former chief financial officer, will be paid just over $2 million. The cash base salary is $900,000 and he is eligible for $1.125 million under the short-term plan, according to the SEC documents.
Ammann's successor as CFO, Chuck Stevens, will receive an annual cash base salary of $700,000 and will be eligible for $875,000 under the short-term plan, according to the SEC documents.
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All three executives also will participate in the benefits plan currently available to company executives.
GM also disclosed that Akerson and former Vice Chairman Steve Girsky will remain as senior advisers to the company on an interim basis. Girsky remains on GM's board.
Akerson will receive an annual cash base salary of $1.7 million and be eligible to receive $2.975 million under the short-term plan, while Girsky will be paid a base salary of $600,000 and be eligible to receive $750,000 under the short-term plan, according to the SEC documents.
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GM expects both men will be employed less than a year and their salary will be paid on a prorated basis as will any payment to Akerson under the short-term plan, according to the SEC documents.