General Motors CEO Mary Barra’s total compensation for 2023 fell 4% to $27.8 million, the largest U.S. auto company said Wednesday.
While GM President Mark Reis’ total compensation rose to nearly $18 million in 2023, and Chief Financial Officer Paul Jacobson’s total compensation rose to $11.1 million. GM’s top lawyer, Craig Glyden, who was also named president and chief administrative officer of Cruise’s autonomous vehicle unit last year, received $11.5 million.
GM’s compensation committee chairman, Wesley Busch, said the company delivered strong financial performance in 2023, continued to lead the industry in total U.S. sales and returned “significant cash to shareholders through dividends and a $10 billion accelerated share repurchase program.” .
GM did not increase Barra and Reis’ target compensation for 2024. Bush noted that GM “has fallen short of its commitments to its transformation path in 2023, particularly in its electric vehicle manufacturing and autonomous vehicle technology,” which has impacted GM’s stock price, the value of stock options and other forms of executive shareholder compensation.
