Mary Barra, CEO of General Motors, got a 6 percent pay raise last year, now that thousands of employees have been laid off. In total, she got almost $200 million out of 2024.
Her total salary package of 193 million kroner makes her one of the highest paid executives in the entire automotive industry.
General Motors (GM) CEO Mary Barra received quite a pay package last year. Her total earnings reached 193 million Danish kroner. This places her firmly among the highest paid in the entire automotive industry.
The increase in her salary was six percent compared to the previous year. This means that she is not only one of the highest paid executives in the automotive industry, but one of the highest paid businesswomen in general.
The Detroit Free Press writes that.
The high pay came on the heels of a year of record profits for General Motors. Strong financial results often translate into large pay packages for top management.
Barra's base salary was 13.7 million kroner (equivalent to 2.1 million dollars), but that amount was only a small part of his total compensation.
The bulk of her pay came from stock and bonuses. Mary Barra received stock worth 127.5 million kroner ($19.5 million) and bonuses worth 43.2 million kroner ($6.6 million).
GM CEO's salary in detail
In addition to base salary, shares and bonuses, the salary package also included various other benefits. The precise nature of those benefits is not specified in the published figures.
The total salary of 193 million kroner made Mary Barra the highest-paid CEO among the major automakers in Detroit. This applies to comparison with competitors Ford and Stellantis.
However, the future looks more uncertain for the American auto giants. Political decisions in particular could have a major impact on the companies' finances going forward.
As it stands now, Barra shouldn't expect to take home the same money in 2025 as she did in 2024. Far from it, actually.
Donald Trump's previously announced threats of 25 percent tariffs on imported auto parts could hit the industry hard. Such tariffs are expected to significantly reduce profits.
Overall, it is estimated that the tariffs could potentially cost GM, as well as competitors Ford and Stellantis, up to DKK 3.36 billion annually. This will inevitably put pressure on future financial results.
Future challenges for the automotive industry
A decline in overall profits could affect future salaries, including executive pay packages at major automakers.
General Motors is behind many well-known car brands such as Chevrolet, Cadillac and Buick. And at several of them, 200 employees have been asked to leave in the past month alone. However, GM is ready to blame electric cars. Read more about it here .
