The largest US automaker and the third biggest in the world, General Motors, has – according to filings with US regulators – kept its promises of awarding the high-level executives with stakes in the company as part of a long-term incentive strategy.
The share remuneration is also offering the first hints towards 2015 compensation plans for GM’s top executives. For instance, chief executive Mary Barra was given 79,639 restricted shares – up from 69,214 restricted shares granted for last year – for the current year, planned to vest each year during the next three from February 2016. Naturally, the value of the common shares can only be tallied when they are sold – but using Friday’s closing price of $37.62 for a GM share, Barra’s total stock award for 2015 would be worth now around $3 million. That compares to her salary for 2014, which totaled $1.6 million. But the total compensation for her performance last year – taking into account other pays and the stock awards, with a certain threshold based on meeting performance goals – is expected to reach around $14.4 million for 2014.
All figures will become a fact when the US automaker issues its proxy statement, which usually occurs in April. Additionally, Dan Ammann, president of the company, received 29,865 shares, which could yield $1.1 million if we take into account Friday’s closing price. Mark Reuss, GM’s product development boss was also awarded 25,385 shares, worth around $955,000 under the same conditions. The current long-term executive incentive plan was introduced by the company last year.