By David Shepardson
(Reuters) – Common Motors (NYSE:) CEO Mary Barra’s complete compensation in 2023 fell 4% to $27.8 million, the biggest U.S. automaker mentioned Wednesday.
The Detroit automaker additionally mentioned GM President Mark Reuss’ complete compensation in 2023 rose to only below $18 million, up from $14.3 million, whereas Chief Monetary Officer Paul Jacobson’s compensation rose to $11.1 million final 12 months, up from $10.2 million. GM normal counsel Craig Glidden, who was additionally named president and chief administrative officer at self-driving unit Cruise final 12 months, obtained $11.5 million.
GM board member Wesley Bush, who chairs the compensation committee, mentioned in GM’s proxy submitting the automaker delivered a powerful monetary efficiency in 2023, continued to guide the business in complete U.S. gross sales and returned “vital money to shareholders by means of dividends and the implementation of a $10 billion accelerated share repurchase program.”
GM didn’t enhance Barra’s or Reuss’ goal compensation for 2024.
Bush mentioned GM “underperformed relative to its commitments on its transformation journey in 2023, significantly with EV manufacturing and AV know-how” that impacted GM’s inventory worth, the worth of inventory choices and different government stock-based compensation.
“We imagine these outcomes exhibit that our incentive plans function successfully to appropriately reward each annual and long-term efficiency,” Bush wrote.
In contract talks final 12 months, the United Auto Staff union harshly criticized the compensation of the Detroit Three automakers together with Barra, who obtained $29 million in 2022 in complete compensation.
After focused strikes, the UAW’s offers for its members secured a direct 11% pay rise and 25% enhance in base wages by means of 2028.
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In February, Chrysler-parent Stellantis (NYSE:) mentioned CEO Carlos Tavares obtained a 56% enhance in complete compensation to 36.49 million euros ($39 million) in 2023.
Tavares informed reporters final week “90% of my wage is decided by the outcomes of the corporate, so this proves that the corporate’s outcomes are apparently not too unhealthy.”