GM's CEO no longer highest paid Detroit auto executive

General Motors Co. CEO Mary Barra is no longer the highest-paid Detroit automotive company chief executive, receiving a 2023 compensation package totaling $27.8 million — trailing Stellantis NV CEO Carlos Tavares' $39.491 million payout.

Barra, 62, saw her pay drop 4% from her 2022 compensation of $28.97 million with a decline in her bonus payout, the automaker reported in a Securities and Exchange Commission filing Wednesday.

In late March, Ford Motor Co. reported that CEO Jim Farley, 61, received nearly $26.5 million in total compensation in 2023 — up 26% from 2022's following changes to the awarding of stock grants. Tavares, 65, saw a 56% increase in his salary from 2022, when his package was $24.8 million.

GM booked profits of $10.1 billion in 2023. Ford Motor Co. made $4.3 billion. And Stellantis NV, now the most profitable of Detroit's three automakers, delivered a record $20 billion in 2023.

Barra's base salary of $2.1 million in 2023 stayed the same as in the previous two years. Barra also received a $5.25 million incentive-based bonus for 2022, down from last year's $6.2 million. The bonus is determined by financial performance and meeting strategic goals. 

Barra's stock awards were the same in 2023 as they were in 2022: $14.62 million. Compensation Committee Chair Wesley Bush noted "the company underperformed relative to its commitments on its transformation journey in 2023, particularly with EV production and AV technology."

In 2022, Barra announced executive compensation would now be tied to hitting EV goals. But those targets have proven elusive to reach as more EVs come into a rich U.S. market whose consumer enthusiasm has waned amid concerns over vehicle prices, battery range and charging reliability.

GM estimated that its median employee compensation was $91,778 in 2023, up from $80,034 in 2022. The ratio of Barra's compensation to that of a median employee is estimated to be 303-to-1, a decline from 2022's 362-to-1.

Pay for other GM executives in 2023 included:

• Paul A. Jacobson, executive vice president and chief financial officer, $11.1 million in 2023, up from $10.2 million in 2022
• Mark L. Reuss, president: $17.96 million in 2023, up from $14.3 million in 2022

khall@detroitnews.com

@bykaleahall