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Sunday 23 July 2017
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GM CEO Has Good Year

GM CEO Has Good Year

General Motors CEO Mary Barra received $16.2 million in total compensation during her first year leading the automaker, GM said in a regulatory filing.

Barra’s payout included a base salary of $1.6 million, stock awards totaling $11.8 million, and $2.1 million from a short-term, non-equity incentive tied to several performance measures, such as GM’s pretax profit and global market share. Most of the rest represented changes in pension value and deferred compensation.

Barra had a tumultuous first year after taking over the CEO job on Jan. 15, 2014. Within weeks, GM had recalled 2.6 million older cars for a defective ignition switch that has been linked to 87 deaths so far. That triggered congressional and Department of Justice investigations and a wave of 84 more safety recalls covering 30.4 million vehicles, as GM scoured its system for past defects.

Those recalls cost the company more than $3 billion, and appear to have cost Barra about $170,000 in potential pay, based on a formula spelled out in the proxy for how GM calculated potential short-term incentive pay.