GM's new CEO stands to earn $4.4 million

Jan. 18, 2014 at 11:07 AM   |   0 comments

DETROIT, Jan. 18 (UPI) -- U.S. automaker General Motors Co. said Chief Executive Officer Mary Barra will earn as much as $4.4 million this year if the company hits performance targets.

Barra' -- GM's first female CEO -- will receive a base salary of $1.6 million, and can earn $2.8 million by hitting performance targets set up in her contract, the Detroit News reported Saturday.

The $2.8 million would be considered short-term incentives. Long-term incentives are not known at this point, the News said.

Barra's $4.4 million compensation package is about half that of her predecessor, Dan Akerson, who retired last week in a hasty departure prompted by his wife's cancer diagnosis.

Akerson earned a $9 million compensation package in 2013, including $1.7 million in cash, the newspaper said.

Pay for the top 25 GM executives in the Akerson era required approval from the U.S. Department of the Treasury, which mandated oversight on compensation due to bailout funds GM received to help it emerge from bankruptcy.

With the Treasury paid back, GM is no longer tied to the department on salary issues.

Akerson is expected to remain at GM for a year as a senior adviser. His pay in that role will include $1.7 million in cash. He will be eligible for about $3 million in short term incentives, but not eligible for any long-term incentives, the News said.

Topics: Dan Akerson
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Trending News
Join the conversation
x
Feedback