GM execs awarded $9.6M in shares
General Motors Co. CEO Mary Barra is one of a dozen executives recently granted company stock worth $9.6 million, according to documents filed with the U.S. Securities and Exchange Commission.
A Feb. 11 SEC filing states Barra will receive 79,639 restricted shares of GM stock as part of a long-term incentive compensation program for top executives.
At Friday’s closing price of $37.62, the shares were valued at nearly $3 million. The number of shares, part of her yearly compensation, is up from 69,214 shares for 2014.
Overall, more than 254,000 shares were granted to 12 executives. The shares will vest annually in three equal installments beginning on Feb. 11, 2016, meaning they can’t immediately be sold.
Of the executives, Barra, by far, received the most shares. Following her were President Dan Ammann at 29,865 shares; Executive Vice President and Head of Global Product Development and Purchasing Mark Reuss at 25,385 shares; and CFO Chuck Stevens at 19,081 shares.
Others granted restricted shares included Alan Batey, GM North America president; Stefan Jacoby, executive vice president and head of international operations; Karl-Thomas Neumann, GM Europe president; Jaime Ardila, GM South America president; Matthew Tsien, GM China president; Mike Millikin, executive vice president and general counsel; James DeLuca, executive vice president of global manufacturing; and Thomas Timko, chief accounting officer.
The restricted shares are part of GM’s 2014 Long-Term Incentive Plan for executives, approved last year. More details regarding executive compensation will be released as part of the company’s annual proxy statement this spring.
Barra’s 2014 salary was split into three categories: a base of $1.6 million; short-term incentive compensation of $2.8 million; and long-term incentive plan of $10 million. She could have earned about $14.4 million last year.
Short-term incentives for executives are weighted on the company's adjusted earnings before interest and taxes, adjusted free cash flow, global market share, quality and individual performance. Long-term incentive pay is based on return on invested capital and global market share over a three-year period.
GM earned $2.8 billion in 2014, including $1.1 billion in a stronger-than-predicted fourth quarter.