New General Motors CEO Mary Barra is on a base salary of US$1.6m plus incentives, according to a Form 8-K document update filed with the US Securities and Exchange Commission last week.
GM in December announced Barra, the first woman to head a global automaker, would replace Dan Akerson from 15 January and new salary packages for Barra and newly promoted president Dan Ammann were approved by the board on 13 January.
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Barra will also be eligible to receive $2.8m under GM’s 2009 Short-Term Incentive Plan, as amended (STIP).
Ammann is on a base salary of $900,000 and he will be eligible to receive $1.125m under the STIP.
Though former chairman and CEO Akerson and vice chairman Stephen Girsky stepped down from their positions on 15 January, Girsky remains a member of the board. The filing said Akerson and Girsky will remain employed as senior advisors on an interim basis with Akerson receiving a base salary of $1.7m and eligible to receive $2.975m while Girsky will receive a salary of $600,000 and be eligible for $750,000 under the STIP.
“[GM] anticipates that [Akerson and Girsky] will be employed for less than one year, and that their annual cash base salary will be paid on a prorated basis, as will any payment to [Akerson] under the STIP,” the filing said.
New CFO Chuck Stevens’ base salary is $700,000 and he will be eligible for $875,000 under the STIP.
GM said in the filing it is likely to submit a new long-term incentive plan (2014 LTIP) to shareholders at the 2014 annual meeting to replace the existing 2009 long term incentive plan.
Barra, Ammann and Stevens, as well as other executives, are likely to receive grants under the 2014 LTIP as part of their 2014 compensation if the new plan is approved by stockholders, the document said.
