General Motors will pay at least $4.4 million to its new chief executive officer (CEO) Mary Barra, reports The Detroit News.
Barra predecessor Dan Akerson will remain on the GM payroll as a senior adviser. He will receive an annual cash salary of $1.7 million, and be eligible for an additional $2.975 million under the short-term incentive plan, for a total of $4.7 million.
Akerson is expected to be employed for less than a year as an adviser, GM said.
Barra’s pay package includes a cash salary of $1.6 million, plus benefits, and she will be eligible to receive another $2.8 million in compensation under the company’s short-term incentive plan, which sets performance goals.
In spring, GM shareholders are expected to be asked to approve a new long-term compensation plan for senior executives.
GM’s CEO pay has lagged behind other auto executives. In 2013, Ford CEO Alan Mulally made $21 million in total compensation, while Chrysler-Fiat CEO Sergio Marchionne made close to $20 million in payment.
Source: The Detroit News
