General Motors CEO Mary Barra received a total compensation of $29.5 million USD in 2024, a 5.9 percent increase compared to the previous year.
That was in large part a reward for the company’s solid financial performance and achievement of strategic objectives, even as annual net profit dropped.
According to a document filed on April 11 with the U.S. Securities and Exchange Commission, Barra's base salary remained stable at $2.1 million, the same as in 2022 and 2023. It was mainly stock awards, up 33 percent to $19.5 million, that inflated her compensation. Stock options were eliminated (they totaled $4.9 million in the previous two years), while performance-based bonuses jumped by 27 percent, reaching $6.7 million.
Mixed results for GM
Despite a 41-percent drop in net profit to $6 billion, GM posted a record pre-tax profit of $14.9 billion. Those figures allowed UAW-represented employees to receive profit-sharing cheques of up to $14,500.
According to Wesley Bush, chairman of the compensation committee at GM, these results reflect the efforts of the executive committee, “led by Ms. Barra,” to successfully carry out the automaker's strategic transformation.
Mary Barra back on top
After ceding her top spot in the executive salary sweepstakes in 2023 to then-Stellantis boss Carlos Tavares, Barra once again becomes the highest-paid executive among the Detroit Three. Tavares' salary fell by 37 percent in 2024 to $23.9 million, partly due to his departure last December.
Ford CEO Jim Farley saw his compensation decrease by 6.1 percent to $24.9 million, as the company fell short of electric vehicle sales and quality targets.
Pay gap still eye-watering
In 2024, Mary Barra earned 310 times the median salary of a GM employee, estimated at $95,111, compared to a ratio of 303 to 1 last year. This statistic continues to fuel debates about wage inequality in the sector.
Other GM top executives well-served:
- • Mark Reuss, President of GM: $18.5 million (+2.7 percent)
- • Paul Jacobson, Chief Financial Officer: $13.1 million (+18 percent)
- • Craig Glidden, former Co-President of Cruise: $10.4 million (down from $11.5M)
- • Rory Harvey, President of Global Markets: $9.8 million