Sun, 16 May 2021

2020 final salary for GM chief reaches $23.7 million

Robert Besser
05 May 2021, 12:04 GMT+10

DETROIT, MICHIGAN: The chief executive officer of General Motors, Mary Barra, received $23.7 million in compensation in 2020, an increase of 9.4 percent compared to the previous year, the U.S. automaker reported in its annual proxy statement.

While Barra's base salary dropped to $2 million in 2020 from $2.1 million the previous year, her stock awards and options climbed 7 percent to reach $13.1 million and $3.75 million, Reuters reported.

Barra's compensation package also included a performance award of $3.78 million, up 38 percent compared to the year-ago period.

According to GM, Barra earned about 201 times more than average auto employees during the year.

GM, which hopes to sell over 1 million electric vehicles by 2025, is planning to invest $27 billion in electric and automated vehicles through 2025, Barra has disclosed.

The automaker faced challenges last year as coronavirus infections spread, along with short-term closures of its plants, which prompted it to suspend dividend payments to preserve cash.

While GM's share price rose more than 13 percent in 2020 to end the year at $41.84, the company has not yet made any announcement about reinstating dividend payments.

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