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[February 10, 2014]
GM CEO Mary Barra's compensation will be worth about $14.4 million [Detroit Free Press :: ]
(Detroit Free Press (MI) Via Acquire Media NewsEdge) Feb. 10--General Motors will pay CEO Mary Barra compensation worth about $14.4 million this year, or about 60% more than the 2013 compensation of her predecessor Dan Akerson.
GM today released details of Barra's compensation about two months ahead of schedule to rebut criticism that she was being underpaid because of her gender.
Last week, several politicians and commentators criticized GM for supposedly not paying Barra enough because she's a woman.
"The company released the full figures ... to correct misperceptions created by comparisons that used only a portion of Barra's overall compensation," GM said in a statement.
The criticism came after GM said Barra's salary and short-term stock compensation would total $4.4 million for the year -- with long-term stock incentives to be detailed in April.
Akerson was paid about $9 million in his final year as CEO. His compensation was capped by the U.S. Treasury Department while the government still owned GM shares. The U.S. Treasury lifted those restrictions when it sold the rest of its shares in January.
GM said it would release more details about compensation for its five highest-ranking executives in April. Investors can still vote on compensation packages during the company's annual meeting in June, although such "say on pay" votes are not binding.
Barra's 2014 compensation: $1.6 million in salary, $2.8 million in short-term stock incentives and $10 million in "long-term compensation," likely in the form of stock tied to performance metrics. She won't actually receive some of the long-term compensation until later. Securities and Exchange Commission regulations require companies to place a current value on deferred compensation.
"As a new CEO, Mary's total compensation is in line with her peer group and properly weighted so that most is at-risk," said GM Chairman Tim Solso. "The company's performance will ultimately determine how much she is paid." Although Akerson retired from the CEO post on Jan. 15, he's still receiving a $1.7 million salary and $2.975 million in short-term stock incentives for serving as an adviser this year.
Contact Nathan Bomey: 313-223-4743 or email@example.com. Follow him on Twitter @NathanBomey.
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