GM CEO Barra's pay package worth $14.4M this year - 21 News Now, More Local News for Youngstown, Ohio -

GM CEO Barra's pay package worth $14.4M this year

Posted: Updated:

DETROIT (AP) - New General Motors 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 Barra, the first woman to lead a major automaker, would be paid less than former Chairman and CEO Dan Akerson.

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

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.

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 Barra will get, but she likely will earn far more in stock-based compensation.

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

GM said it normally releases the figures in late April with its annual proxy statement, but unveiled them early "to correct misperceptions created by comparisons that used only a portion of Barra's overall compensation."

Under an Associated Press executive compensation formula, Akerson's package was worth $11.1 million last year. The AP included $2 million in restricted stock that GM did not.

Akerson's compensation paled in comparison to others in the industry because of pay limits placed on GM by the government, part of the $49.5 billion bailout the company got in 2009. Ford Motor Co. CEO Alan Mulally earned $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.

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

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • More From wfmj.comMore>>

  • Lightning kills boy swimming in Pennsylvania creek

    Lightning kills boy swimming in Pennsylvania creek

    Monday, September 1 2014 3:09 PM EDT2014-09-01 19:09:34 GMT
    Authorities say a lightning strike has killed a boy who was swimming in a central Pennsylvania creek.More >>
    Authorities say a lightning strike has killed a boy who was swimming in a central Pennsylvania creek.More >>
  • Ohio police: Wedding guest tries to steal gifts

    Ohio police: Wedding guest tries to steal gifts

    DAYTON, Ohio (AP) - Police in Dayton say a wedding guest tried to make off with checks and cash for the newlyweds. Officers were called to the wedding reception late Saturday night after workers noticed that a safe had been emptied out. Police say about $6,800 was found in unopened wedding cards inside a tuxedo garment bag belonging to one of the guests. A police report says surveillance video showed a man entering the office and later walking out with the garment bag. The man told police he...More >>
    DAYTON, Ohio (AP) - Police in Dayton say a wedding guest tried to make off with checks and cash for the newlyweds. Officers were called to the wedding reception late Saturday night after workers noticed that a safe had been emptied out. Police say about $6,800 was found in unopened wedding cards inside a tuxedo garment bag belonging to one of the guests. A police report says surveillance video showed a man entering the office and later walking out with the garment bag. The man told police he...More >>
  • Flying club remembers 4 killed in Ohio plane crash

    Flying club remembers 4 killed in Ohio plane crash

    CLEVELAND (AP) - Members of a flying club held a candlelight vigil to remember four Ohio college students killed a week ago when a small plane crashed just after taking off near Cleveland. Friends and family members were among the 80 people who gathered Sunday night near the crash site in Willoughby Hills. Federal officials say the pilot of the plane reported he was having trouble climbing just after takeoff and was trying to return to the airport. All four people aboard the plane were stude...More >>
    CLEVELAND (AP) - Members of a flying club held a candlelight vigil to remember four Ohio college students killed a week ago when a small plane crashed just after taking off near Cleveland. Friends and family members were among the 80 people who gathered Sunday night near the crash site in Willoughby Hills. Federal officials say the pilot of the plane reported he was having trouble climbing just after takeoff and was trying to return to the airport. All four people aboard the plane were stude...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms