NEWS Desk Global
Apr 241 min
General Motors (GM.N) CEO Mary Barra's total compensation for 2023 decreased by 4% to $27.8 million, as reported by the largest U.S. automaker on Wednesday. Alongside this announcement, GM disclosed that President Mark Reuss saw an increase in his total compensation to just under $18 million, up from $14.3 million the previous year. Similarly, Chief Financial Officer Paul Jacobson's compensation rose to $11.1 million in 2023, compared to $10.2 million in the preceding year. Craig Glidden, GM's general counsel, who also assumed the role of president and chief administrative officer at the self-driving unit Cruise, received $11.5 million.
Wesley Bush, a GM board member who chairs the compensation committee, highlighted in GM's proxy filing that the company delivered robust financial performance in 2023. Despite leading the industry in total U.S. sales and returning significant cash to shareholders through dividends and a $10 billion accelerated share repurchase program, GM did not increase Barra's or Reuss' target compensation for 2024. Bush acknowledged that GM faced challenges in 2023, particularly concerning electric vehicle (EV) production and autonomous vehicle (AV) technology, which impacted the company's stock price and the value of executive stock-based compensation.