New General Motors chief executive Mary Barra will receive up to $4.4 million in cash and stock compensation this year, the carmaker disclosed in a filing with the United States Securities and Exchange Commission. However. GM’s compensation package for Barra does not include what she and other executives will receive under the carmaker’s long-term compensation plan that is subject to shareholder approval in June.
GM intends to reveal details of the long-term compensation plan in April. GM said in the SEC filing that Barra will receive an annual cash base salary of $1.6 million and will be eligible for $2.8 million under the carmaker’s short-term incentive plan.
In 2012, GM paid former CEO Dan Akerson $11.1 million, including $1.7 million in cash and $7.3 million in stock and other incentives. GM has yet to disclose Akerson’s compensation in 2011. Akerson’s 2012 compensarion figure also reflected $2 million in restricted stock units he received in 2011.
GM also revealed that new President and former chief financial officer Dan Ammann will receive just over $2 million – with a cash base salary of $900,000, Ammann will also be eligible for $1.125 million under the short-term plan, according to the SEC documents.
New CFO Chuck Stevens will get an annual cash base salary of $700,000 and will be eligible for $875,000 under the short-term plan. All three GM executives also will participate in the benefits plan currently available to the carmaker executives. GM also disclosed in the filing that Akerson and former Vice Chairman Steve Girsky will remain as senior advisers to the company on an interim basis.