GM CEO Barra compensation fell 4% in 2023 to $27.8 million

(Reuters) – General Motors CEO Mary Barra’s total compensation in 2023 fell 4% to $27.8 million, the largest U.S. automaker said Wednesday.

The Detroit automaker also said GM President Mark Reuss’ total compensation in 2023 rose to just under $18 million, up from $14.3 million, while Chief Financial Officer Paul Jacobson’s compensation rose to $11.1 million last year, up from $10.2 million. GM general counsel Craig Glidden, who was also named president and chief administrative officer at self-driving unit Cruise last year, received $11.5 million.

GM board member Wesley Bush, who chairs the compensation committee, said in GM’s proxy filing the automaker delivered a strong financial performance in 2023, continued to lead the industry in total U.S. sales and returned “significant cash to shareholders through dividends and the implementation of a $10 billion accelerated share repurchase program.”

GM did not increase Barra’s or Reuss’ target compensation for 2024.

Bush said GM “underperformed relative to its commitments on its transformation journey in 2023, particularly with EV production and AV technology” that impacted GM’s stock price, the value of stock options and other executive stock-based compensation.

“We believe these outcomes demonstrate that our incentive plans operate effectively to appropriately reward both annual and long-term performance,” Bush wrote.

In contract talks last year, the United Auto Workers union harshly criticized the compensation of the Detroit Three automakers including Barra, who received $29 million in 2022 in total compensation.

After targeted strikes, the UAW’s deals for its members secured an immediate 11% pay rise and 25% increase in base wages through 2028.

In February, Chrysler-parent Stellantis said CEO Carlos Tavares received a 56% boost in total compensation to 36.49 million euros ($39 million) in 2023.

Tavares told reporters last week “90% of my salary is determined by the results of the company, so this proves that the company’s results are apparently not too bad.”

Reporting by David Shepardson; Editing by Chizu Nomiyama