GM’s Barra highest paid among Detroit Three CEOs
Mary Barra, CEO of Detroit – General Motors Co., received nearly $ 23.7 million in 2020, the automaker reported in a Securities and Exchange Commission filed on Friday.
Barra’s salary rose from her $ 21.6 million compensation for 2019. She retained her position as the highest-paid CEO of the three Detroit automakers in 2020. Ford Motor Co. CEO Jim Farley, who took the top position in October, earned $ 11.8 million in 2020. His predecessor, Jim Hackett, received total compensation of $ 16.7 million. And in his senior year as leader Fiat Chrysler Automobiles NV before merging with French rival Groupe PSA, CEO Mike Manley received $ 10.4 million.
The COVID-19 pandemic caused all three Detroit automakers to close plants for eight weeks in the spring of 2020, and drove automakers to manufacture personal protective equipment and ventilators. Auto sales rebounded quickly in 2020, causing a surprisingly strong turnaround for the industry.
GM earned $ 6.4 billion for the year on sales of $ 122.5 billion. Barra’s base salary fell from $ 2.1 million to $ 1.995 million in 2020 due to a pandemic shift in executive compensation. Barra also received a $ 3.78 million incentive bonus for 2020, compared to $ 2.7 million the previous year. The bonus is determined by financial performance and the achievement of strategic goals.
GM estimated the average employee compensation in 2020 at $ 117,566, bringing Barra’s compensation ratio to 201: 1.
Pay for other GM executives in 2020 included:
- Paul A. Jacobson, executive vice president and chief financial officer: $ 5.179 million
- Mark L. Reuss. President: $ 9.963 million
- Douglas L. Parks, Executive Vice President, Global Product Development, Purchasing and Supply Chain: $ 6.733 million
- Stephen K. Carlisle, executive vice president and president, North America: $ 6.289 million