The pay package for GM’s new chief executive, Mary Barra, could total $14.4 million this year, the company said on Monday in a clarification aimed at countering criticism that her pay was far lower than her male predecessor.
Barra, 52, became the first female chief executive of a global carmaker last month. The company said then Barra would earn $1.6 million in salary and a $2.8 million bonus.
But the automaker was criticised because her predecessor, Dan Akerson, was paid $9.1 million in 2012.
GM said on Monday it released the full figures related to her compensation to correct misperceptions.
“As a new CEO, Mary’s total compensation is in line with her peer group and properly weighted so that most is at-risk,” Tim Solso, GM chairman, said in the statement. “The company’s performance will ultimately determine how much she is paid.” Initial reports about Barra’s compensation package failed to say that she may receive $10 million in long-term compensation. That portion is subject to shareholder approval at GM’s annual meeting in June and the final amount depends on the company’s performance, GM said.
Congresswoman Louise Slaughter, a Democrat from New York, who criticised Barra’s pay last week, today said on Twitter, “Happy to see” that Barra is “earning a salary equal to that of her male counterparts & reflecting her contributions.”