General Motors Co. CEO Mary Barra is once again the highest-paid Detroit automotive company CEO, with a 2022 compensation package totaling nearly $29 million, the automaker reported in a Securities and Exchange Commission filing Friday.
Barra, 61, received pay last year of $28.97 million, down slightly from her 2021 compensation of $29.1 million. Even with the decrease, her 2022 compensation was more than both of her crosstown rival CEOs.
In late March, Ford Motor Co. reported that CEO Jim Farley, 60, made nearly $21 million in total compensation in 2022 — down 8% from 2021. Carlos Tavares, 64, CEO of Stellantis NV, maker of Jeep SUVs, Ram pickup trucks and other vehicles, received $24.8 million in 2022, a 22% increase from 2021.
GM made $9.9 billion in 2022. Ford Motor Co. posted a $2 billion net loss for the year. And Stellantis NV made $17.9 billion during its second year of existence after Fiat Chrysler Automobiles NV and French rival Groupe PSA merged in January 2021.
Barra’s base salary of $2.1 million in 2021 stayed the same in 2022. Barra also received a $6.2 million incentive-based bonus for 2022, down from last year’s $7.6 million. The bonus is determined by financial performance and meeting strategic goals.
Barra’s stock awards were $14.62 million, up from $14.58 million.
When evaluating Barra’s bonus, a compensation committee considered how she led the company to record adjusted earnings before taxes in 2022 of $14.5 billon and announced more than $6 billion in U.S. manufacturing investment during the year to support nearly 3,600 jobs, according to the filling.
The committee also noted Barra has accelerated GM’s electric-vehicle strategy. GM expects to have 1 million units of annual EV capacity in North America by 2025.
Last year, Barra announced executive compensation would now be tied to hitting EV goals.
GM estimated that its median employee compensation was $80,034 in 2022. The ratio of Barra’s compensation to that of our median employee is estimated to be 362-to-1. In 2021, the median employee compensation was $69,433, making Barra’s pay ratio 420-to-1.
Pay for other GM executives in 2022 included:
- Paul A. Jacobson, executive vice president and chief financial officer, $10.2 million in 2022, up from $9.57 million in 2021
- Mark L. Reuss, president: $14.3 million, up from $12.5 million in 2021
- Douglas L. Parks, executive vice president, global product development, purchasing and supply chain: $8.77 million, down slightly from $8.83 million in 2021
- Stephen K. Carlisle, executive vice president and president, North America: $8.79 million, down slightly from $8.98 million in 2021
khall@detroitnews.com
Twitter: @bykaleahall