General Motors chief executive Mary Barra will receive around $14.4 million in compensation for 2014, the carmaker said. Barra’s pay includes $1.6 million in salary, $2.8 million in short-term incentives and $10 million in long-term compensation. Barra’s $14.4 million pay will be larger than former CEO Dan Akerson received in 2012, pegged at $9 million.
GM has yet to disclose Akerson's compensation for 2013. There has been speculation on Barra's pay after GM said in January that a portion of her pay would total $4.4 million. At the time, GM did not announce Barra's long-term compensation since it is still subject to approval by GM stockholders in June. Since then, some commentators had questioned why a female CEO would receive a lower pay than her male predecessor.
GM said in a statement it now disclosed Barra’s total pay ahead of its proxy filing in April "to correct misperceptions created by comparisons that used only a portion of Barra's overall compensation." GM Chairman Tim Solso said in a statement that as a new CEO, Barra’s total compensation is in line “with her peer group and properly weighted so that most is at-risk." He said that GM’s performance will ultimately determine how much Barra will be paid.