GM's Barra highest paid among Detroit Three CEOs
Detroit — General Motors Co. CEO Mary Barra was paid nearly $23.7 million in 2020, the automaker reported in a Securities and Exchange Commission filing Friday.
Barra's pay increased from her 2019 compensation of $21.6 million. She maintained her position as the highest paid CEO among the Detroit Three automakers in 2020. Ford Motor Co. CEO Jim Farley, who assumed the top job in October, made $11.8 million in 2020. His predecessor Jim Hackett received $16.7 million in total compensation. And in his last year leading Fiat Chrysler Automobiles NV before the merger with French rival Groupe PSA , CEO Mike Manley received $10.4 million.
The COVID-19 pandemic led all three Detroit automakers to close plants for eight weeks in spring 2020 and pushed automakers into personal protective equipment and ventilator manufacturing. Auto sales rebounded swiftly in 2020 leading to a surprisingly strong turnaround for the industry.
GM made $6.4 billion for the year on revenue of $122.5 billion. Barra's base salary dropped from $2.1 million to $1.995 million in 2020 because of a pandemic executive compensation deferral. Barra also received a $3.78 million incentive-based bonus for 2020, up from last year's $2.7 million. The bonus is determined by financial performance and meeting strategic goals.
GM estimated that its median employee compensation was $117,566 in 2020 making Barra's pay ratio 201-to-1.
Pay for other GM executives in 2020 included:
- Paul A. Jacobson, executive vice president and chief financial officer: $5.179 million
- Mark L. Reuss. president: $9.963 million
- Douglas L. Parks, executive vice president, global product development, purchasing and supply chain: $6.733 million
- Stephen K. Carlisle, executive vice president and president, North America: $6.289 million