GM expects to pay Barra $14.4 million in 2014
CEO Mary Barra's total compensation is in line with her peer group, GM says.
DETROIT -- General Motors expects to pay CEO Mary Barra about $14.4 million this year, GM said today in response to reports speculating on her compensation compared with that of retired CEO Dan Akerson.
Barra, 52, will be paid a salary of $1.6 million, short-term incentives of $2.8 million and long-term compensation of $10 million. Her $14.4 million total compares with $9 million that Akerson was paid in 2012. Akerson retired as CEO on Jan. 15. GM has not yet disclosed Akerson's compensation for 2013.
Barra's pay has been the subject of speculation since GM said last month that a portion of her pay would total $4.4 million, below that of Akerson. At the time, GM did not disclose Barra's long-term compensation because it was subject to approval by GM stockholders in June.
Still, some commentators had questioned why GM would pay a female CEO less than her predecessor.
GM disclosed her total pay today, ahead of its proxy filing in April, "to correct misperceptions created by comparisons that used only a portion of Barra's overall compensation," GM said in a statement.
"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."
You can reach Mike Colias at firstname.lastname@example.org.