As the senior leadership team at General Motors wrestles with what to do about a proposal to buy back billions of dollars of the company’s shares, they can rest easy knowing that board of directors is pleased with their efforts and it’s showing up in their bank accounts.
Mary Barra, GM’s CEO, was rewarded with company stock worth $9.6 million for 2014, according to documents filed with the U.S. Securities and Exchange Commission. Barra received 79,639 restricted shares as part of a long-term incentive program for many of the company’s top officers.
In addition to Barra, 11 other executives received more than 254,000 shares as part of their compensation package. The leader after Barra was GM President Dan Amman, who received 29,865 shares and Mark Reuss, executive vice president, who got 25,385 shares.
The shares will vest in three equal installments starting Feb. 11, 2016. While they were awarded today, but vesting over time, it prevents them from being sold immediately. Barra’s total this year was higher than the more than 69,000 she received last year.
(GM delivers strong Q4 earnings. For more, Click Here.)
In addition to Barra, Amman and Reuss, the following received shares:
- Chuck Stevens, chief financial officer
- Alan Batey, GM North America president
- Stefan Jacoby, executive vice president
- 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
- Thomas Timko, chief accounting officer
The entirety of Barra’s compensation package, as well as several other senior executives, will be revealed in the company’s proxy statement in the Spring. Barra’s 2014 salary encompassed a base of $1.6 million, as well as short-term incentives of $2.8 million and long-term incentives of $10 million.
(Click Here for details GM’s concerns about buyback plans.)
The news comes on the heels of GM’s earnings for last year taking a bit of tumble. GM reported 2014 full-year net income of $2.8 billion, or $1.65 per diluted share, down from $3.8 billion, or $2.38 per diluted share in 2013. Much of that was attributable to costs related to GM’s nearly 28 million vehicles recalls last year.
(To see more about why GM’s board is unlikely to bow to hedge fund demands, Click Here.)
GM will award its 48,400 eligible U.S. hourly employees up to $9,000 in profit sharing this year, including a $2,000 special performance payment, according to GM. Last year, workers received profit-sharing checks of up to $7,500.