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GM boss Mary Barra will earn total pay package of $14.4 million

NEW YORK: The new General Motors boss, Mary Barra, will earn a total pay package of $14.4 million this year, 60 percent more than her male predecessor, the automaker said.
Feminist organizations were outraged late last week after US media reports said Barra would only be paid $4.4 million, less than half of former chief executive Dan Akerson, who had pocketed $9 million in 2013 and stepped down in January.
But Barra, the first woman to head a global automaker, is slated to receive $14.4 million for 2014, dependent on the company’s performance, GM said.
GM said it was releasing details of her pay package now “to correct misperceptions”.
The compensation package breaks down to salary of $1.6 million; short-term incentive compensation of $2.8 million; and long-term compensation of $10 million.
“As a new CEO, Mary’s total compensation is in line with her peer group and properly weighted so that most is at-risk,” said GM chairman Tim Solso.
“The company’s performance will ultimately determine how much she is paid.”
The long-term compensation is subject to the approval of a new incentive plan by GM stockholders at the company’s annual meeting in June.