GM CEO Mary Barra's pay is 60 percent more than her predecessor Dan Akerson's, who stepped down as CEO of General Motors in January. In total, Barra's compensation will amount to $14.4 million in 2014.
The announcement was made by GM earlier this week, two months before the automaker had planned to make her pay public. The premature release was apparently due to false reports circulating that Barra, the first woman to head a global automaker, would only receive half of what her male predecessor made,
The Detroit News reported.
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GM said it released "the full figures ahead of its proxy filing in April to correct misperceptions created by comparisons that used only a portion of Barra’s overall compensation."
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 Associated Press reported. The long-term amount is part of a new incentive plan that still has to be voted on by shareholders in June.
According to GM Chairman Tim Solso, the $10 million long-term stock compensation will be tied to the company's overall performance.
"As a new CEO, Mary’s total compensation is in line with her peer group and properly weighted so that most is at-risk," Solso said in a statement. "The company’s performance will ultimately determine how much she is paid."
Unlike her predecessor, the 52-year-old Barra is not chairman of the board, the Detroit News noted.
Barra began her career with GM in 1980 as a General Motors Institute co-op student at the Pontiac Motor Division,
according to GM.com. Barra went on to graduate with a Bachelor of Science degree in electrical engineering, followed by a business administration degree from the Stanford Graduate School of Business in 1990.
Barra was named one of the 50 Most Powerful Women in Business by Fortune Magazine and one of the World’s 100 Most Powerful Women" by Forbes in 2013.
Barra's substantial pay increase amounts to three times what Barra earned as executive vice president at Global Product Development, which she left in August 2013.
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