General Motors CEO Mary Barra got a hefty bump in total compensation last year. The board awarded her $29.1 million in salary, bonuses and benefits — a 23% jump compared to 2020.
Barra earned a base salary of $2.1 million, which was a raise of 5.3%. She also received $14.6 million stock awards, up 11% from last year; $3.9 million in option awards, a 5% jump; and $7.6 million in nonequity incentive plan compensation, which was twice what she received last year.
The information was released as part of the company’s annual proxy statement. Next year, the factors determining Barra’s compensation package change as metrics related to electric vehicles will account for 15% of her compensation.
Other components included the company’s adjusted pretax profit margin at 30%, relative total shareholder return for 30%, and stock options the remaining 25 percent.
Better than the competition
Her total package was $6.3 million more than CEO Jim Farley’s at rival Ford, who received $22.8 million in his first full year in charge of the automaker.
As is the case with most high-ranking executives, Farley’s base salary was a small portion of his overall compensation: $1.7 million.
In addition to that regular paycheck, Farley’s stock awards tripled to about $16 million. In addition to other rewards, he received more than $830,000 for personal aircraft use. Farley was alone in seeing compensation gains. Farley also received a performance bonus of $3.7 million.
Other GM executives
The statement also outlined the compensation for GM’s other top executives, including President Mark Reuss, who received $12.5 million — a 26% jump. CFO Paul Jacobson brought home $9.6 million while North America President and Cadillac chief Steve Carlisle got a 43% boost to $9 million.
Overall, the company’s adjusted earnings before taxes for all of 2021 came in at $14.3 billion, a 47% increase while GM’s revenue rose 3.7% to $127 billion.