Reports are coming in that Mary Barra, the first female leader of a major automaker, will make $14.4 million this year, some $10 million more than previously reported and over $3 million more than her predecessor, Dan Akerson, made in 2012. In fact, it's 60 percent more than Akerson made in 2013, according to TheDetroitBureau.com.
Previous reports claimed Barra's base salary was a respectable $1.6 million, which was $100K less than what Akerson made in his final year as CEO of General Motors, although it's still nothing to sneeze at. In addition, Barra, who was just named Fortune Magazine's Most Powerful Woman in Business, was eligible for up to $2.8 million as part of a short-term incentive plan.
The extra $10 million would come from a long-term compensation plan, according to Bloomberg. Whether Barra will see any of that money is ultimately up to the shareholders, though, who hold final approval. "As a new CEO, Mary's total compensation is in line with her peer group and properly weighted so that most is at-risk," Tim Solso, GM's chairman said in a statement. "The company's performance will ultimately determine how much she is paid."
As for why GM is releasing this information now, rather than when it released Barra's salary figures back in January, the company said this in a statement: "The company released the full figures ahead of its proxy filing in April to correct misperceptions created by comparisons that used only a portion of Barra's overall compensation."