In February it was announced that General Motors CEO Mary Barra could earn up to $14.4 million this year if the company meets certain goals it had put in place. The pay package is part of a revised employee compensation plan which will reward employees based on the company’s earnings, global market share and overall quality.
Company president Dan Amman, who assumed his position on January 15, the same day Mary Barra was appointed CEO, is getting a raise to $6.8 million this year. This represents an increase of about 29% over the $5.3 million he earned in his former position of chief financial officer.
Shareholders will vote on the new compensation plan at its annual stockholders meeting on June 10 at the Renaissance Center in Detroit. Directors may opt to refuse to follow shareholders’ recommendations on executive compensation.
Due to the fact that the compensation plan is based on individual employee performance and GM’s overall financial performance for the year, the amount executives will receive could be lower or higher than projected amounts.