While the automaker faces the defective ignition switch recall scandal, it also goes undisturbed about its business, revealing its new female CEO should – under certain conditions – get paid $14.4 million this year.
After the federal government finally sold off all of its remaining shares in the automaker last year, the company swiftly moved to restructure top executive pay – with Barra now getting around 59% more money than CEO Dan Akerson, who received in 2013 $9.1 million – while the US Treasury Department still oversaw top pays.
For Barra, this year’s tally, provided that the company she oversees reaches certain internal goals, would be a serious increase over the 2013 pay she received – when as senior vice president of global product development, she was compensated with $5.2 million.
According to GM’s annual proxy statement, the company’s new president, Dan Ammann, is also getting more money – up from $5.3 million in 2013 (when he was Chief Financial Officer) to around $6.8 million in 2014.
The No. 1 US carmaker also said the pay could be lower or higher as its top executives’ compensation is tied to individual performance requirements, as well as the company’s financial wellbeing – including global market share, pre-tax profits and quality metrics.