GM CEO Mary Barra To Earn $1.6 Mln In Annual Cash Base Salary

(RTTNews) - General Motors Co. (GM) disclosed in a regulatory filing on Friday, that it will pay its Chief Executive Officer Mary Barra an annual cash base salary of $1.6 million. Barra, who took over as CEO on Wednesday, will be eligible to receive $2.8 million as additional compensation under the auto maker's short-term incentive plan.

Barra also likely to receive additional compensation as part of a new long-term incentive plan that will be up for approval at the company's annual meeting this year, the automaker stated.

GM has not yet disclosed what former CEO Dan Akerson was paid in 2013, but the previous year he was paid $11.1 million, including $1.7 million in cash and $7.3 million in stock and other incentives.

The automaker also revealed in documents filed with the SEC that its President Dan Ammann, the former chief financial officer, will receive an annual cash salary of $900,000 and be eligible for another $1.125 million.

Ammann's successor as, Chief Financial Officer, Chuck Stevens, will receive an annual cash base salary of $700,000 and be eligible for another $875,000 under the short-term plan. The Detroit-based company also announced that Dan Akerson, who retired as CEO, and former Vice Chairman Steve Girsky will remain as senior advisers to the company on an interim basis.

Akerson as senior adviser on an interim basis will be paid an annual cash base salary of $1.7 million and will be eligible for another $2.975 million under the short-term plan.

Former Vice Chairman Steve Girsky, who is set to leave the company in April, will get annual of $600,000 will be eligible for another $750,000 under the short-term plan.

The company anticipates that Akerson and Girsky will be employed for less than one year, and that their annual cash base salary will be paid on a prorated basis, as will any payment to Akerson under the short-term incentive plan.

Barra, Ammann, Stevens, as well as other executives of the company, are likely to receive more compensation as part of the new long-term incentive package.