General Motors CEO Mary Barra is going to receive a base cash salary of $1.6 million, according to SEC filings. Barra could also receive up to $2.8 million in incentive pay like stock options, awards, and bonuses. Barra is the first woman to be the head of a major auto company. Barra’s previous total compensation as the head of the product development group was $4.9 million in 2012.
Dan Akerson left the CEO position this past Tuesday. His last act as CEO was restoring dividends to shareholders. The last time GM issued a dividend to shareholders was in 2008. Akerson received a base cash salary of $1.7 million. Akerson will continue to receive a salary and incentive pay worth around $4.7 million on an annual basis to work as an adviser to the company. This amount would be reduced based on how long he serves as an adviser.
Akerson received a total compensation of $9.1 million in 2012. As a comparison, Ford CEO Alan Mulally received slightly less than $21 million in 2012. The pay for GM executives was limited because the U.S. Treasury held shares in the company related to the 2009 government bailout. The U.S. Treasury sold their remaining stake in GM this past December so this freed executives from the government pay limits, according to CNN.