Thursday, Sep 29, 2016
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Automotive

GM CEO’s pay package worth $14.4M

Compensation to top predecessor’s

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Barra

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DETROIT — New General Motors Co. CEO Mary Barra will get a pay package worth $14.4 million this year, 58 percent more than her male predecessor, the company said Monday.

GM released the figure to counter reports that said Ms. Barra, the first woman to lead a major automaker, would be paid less than former Chairman and CEO Dan Akerson.

Those reports calculated Ms. Barra’s compensation without including her long-term stock compensation, and the company was criticized for paying a woman leader less than a man.

Ms. Barra will get $1.6 million in salary, $2.8 million in short-term incentives, and long-term stock compensation worth $10 million, the company said in a statement. The long-term amount is part of a new incentive plan that still has to be voted on by shareholders in June.

Mr. Akerson received roughly $9.1 million for 2013, the same package he received in 2012, GM spokesman Greg Martin said. His base salary was $100,000 more than Ms. Barra will get, but she likely will earn far more in stock-based compensation.

Chairman Tim Solso said in a statement that Ms. Barra’s package is weighted so that most of it is “at risk,” or based on the company’s long-term performance.

Under an Associated Press executive compensation formula, Mr. Akerson’s package was worth $11.1 million last year.

Mr. Akerson’s compensation paled in comparison to some others in the industry because of pay limits placed on the company by the government, part of the $49.5 billion bailout GM got in 2009. Ford Motor Co. CEO Alan Mulally was paid $20.95 million in 2012, including a $2 million salary.

Those limitations were lifted in December after the government sold the remaining GM shares it received as part of the bailout.

Mr. Akerson, who remains a senior adviser to GM, will be paid up to $4.7 million this year, including his $1.7 million salary.

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