General Motors Company (NYSE:GM) said that CEO Mary Barra would receive $4.4 million in cash and stock compensation this year, but this amount did not include what she would receive based on the long-term compensation plan.
Now we know that this amount adds up to $10 million, giving her $14.4 million in 2014. The long-term portion will have to be approved by shareholders at the annual meeting in June. This is a 60% increase over Dan Akerson. Akerson stepped down from GM last month.
These figures were released ahead of their proxy filing in April “to correct misperceptions created by comparisons that used only a portion of Barra’s overall compensation.”
“As a new CEO, Mary’s total compensation is in line with her peer group and properly weighted so that most is at-risk,” stated GM Chairman Tim Solso. “The company’s performance will ultimately determine how much she is paid.”