GM awards CEO Barra, other top execs, with shares worth millions
General Motors CEO Mary Barra had a rough first year at the helm of the automotive giant managing recalls of tens of millions of vehicles and Congressional hearings over their handling. Despite that, she made around $14.4 million in 2014, and Barra and other top execs just received even more shares of the automaker's stock for 2015.
Barra is being awarded 79,639 restricted shares as part of GM's long-term incentive plan in 2015, over 10,000 more than last year. Based on the current market value, they are worth around $3 million, Reuters estimates. She isn't the only one receiving additional stock, though. Company president Dan Ammann gets 29,865 shares, worth around $1.1 million, and product development chief Mark Reuss receives 25,385 of them, valued at about $955,000 presently.
Barra had a base salary of $1.6 million in 2014, $100,000 less than previous CEO Dan Akerson. However, a short-term incentive plan and 69,214 restricted shares from the long-term incentives, according to Reuters, pushed her up to the roughly $14.4 million in total. That was a healthy jump over the $11.1 million Akerson made in his final year as boss.
For all of 2014, GM reported adjusted earnings before interest and taxes of $6.5 billion, down from $8.6 billion in 2013, and the automaker paid out about $2.8 billion in recall-related costs in that time. Net income for the year was $2.8 billion, a drop of about $1 billion.News Source: ReutersImage Credit: Carlos Osorio / AP PhotoEarnings/FinancialsGMdan ammanngmmark reussmary barrasalaryI'm reporting this comment as:Rude or offensiveNot constructive / off-topicSexual contentSpam or misleadingOtherReported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.
If the individual middle or lower class worker made the decisions that directly affected the billion dollar company they would get the same bonuses. But instead, the only decision they had to make was, "should I show up to work today?" And for that, you get a paycheck... just like everybody else in the lemming line... So easily replaced. Its not a pretty picture, but its the truth.
You are the type that have sold America down the tubes. No one is worth $14M a year. If she failed to show up tomorrow, not a single decision that had to be made would go unanswered. Figurehead is not worth that kind of money when you are employing the working poor and fixing wages with the rest of the industry. Without the workers the company doesn't exist.
You guys really don't understand what a leader is, do you? You lose 1 leader and stuff goes crazy, maybe not the next day or next week, but it happens. History has taught us this lesson over and over. You lose 1 peon and what changes? Not much happens. You replace them and move on. Sure, if you lose many of the regular workers and then bad things can happen, but you are essentially saying that 1 leader is worth the same as many peons... why not pay them the same? I bet Barra's bonus is similar to the sum bonus that the peon workers got...
Don't like it? Do whatever needs to be done to become part of the management. You knew going in what you were signing up to.
I am an accountant, i knew doctors make more money than accountants, i decided not to go to med school (because i knew i am not smart enough) and the consequence of that is that i make less than doctors. These people chose to be line workers.
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