DETROIT — Compensation for General Motors' top executives, including CEO Mary Barra, declined slightly last year because of a dip in the automaker's financial performance compared with 2017.
The drop in executive compensation occurred amid a restructuring of GM's business that included thousands of blue- and white-collar layoffs, idling of plants and a reorganization of its core operations to focus on emerging technologies such as all-electric and autonomous vehicles.
Barra's total compensation was $21.87 million in 2018, down $87,598, or 0.4 percent, compared to 2017. Her compensation, disclosed Thursday in a U.S. regulatory filing, includes a $2.1 million base salary; $4.45 million in short-term incentives, down from $5 million; and $11.08 million in performance-based stock grants, up about $345,000 from 2017.
GM's operating profit declined by $1 billion and adjusted automotive free cash flow dropped by $1.3 billion in 2018, affecting payouts to Barra and other top execs:
- Former President Dan Ammann, who now serves as CEO of GM Cruise: $8.97 million (down $286,437)
- Former Vice President Global Product Development, Purchasing and Supply Chain Mark Reuss, who now serves as president of the automaker: $7.36 million (down $370,418)
- Retired CFO Chuck Stevens, who stepped down in September but remained as an adviser until March 2019: $6.9 million (down $161,859)
- CFO Dhivya Suryadevara, who succeeded Stevens in September: $5.5 million
- North America President Alan Batey, who retired April 1: $5.34 million (down $634,608)
For the year, GM’s adjusted earnings, before interest and taxes, fell 8.3 percent to $11.8 billion from 2017, while income from continuing operations increased to $8.1 billion from $348 million. GM swung to an $8.1 billion profit last year from a loss of $3.9 billion in 2017.
Barra was the top-paid CEO for the Detroit 3 in 2018. Ford CEO Jim Hackett, who also is leading a corporate restructuring, received $17.75 million in 2018. Fiat Chrysler Automobiles CEO Mike Manley, who succeeded Sergio Marchionne in July, was paid $680,240 for 2018; however, the company’s board set an annual compensation target of $14 million for him.