GM CEO Barra’s pay dipped slightly to $22 million in 2017

DETROIT (Reuters) - General Motors Co’s GM.N top executive, Mary Barra, was paid just under $22 million in 2017, slightly less than the previous year, according to the automaker’s proxy statement released on Friday.

General Motors Chairman and CEO Mary Barra speaks at GM's press conference at the North American International Auto Show in Detroit, Michigan, U.S., January 16, 2018. REUTERS/Rebecca Cook

Barra’s total compensation package was valued at $21,958,048, about $625,000 less than the $22,582,059 package she received in 2016. Barra, GM’s chairman and chief executive officer, was paid $28,588,663 in 2015.

Barra’s pay package included a salary of $2.1 million; stock awards worth $10.74 million; options worth $3.25 million, and a performance award worth $4.96 million.

GM said its board of directors last year set stricter performance targets for its top executives, in noting that performance awards generally were lower in 2017.

The automaker on Thursday reported better-than-expected first-quarter earnings, but investors disappointed by the automaker’s lower pretax profit sent its shares down more than 2 percent.

GM shares were down 1 percent at $37.87 on Friday afternoon.

Barra remained GM’s highest-paid executive. President Dan Ammann last year was paid $9,258,318, compared with $10,223,984 in 2016 and $11,800,077 in 2015.

Chief Financial Officer Chuck Stevens received $7,101,039. Executive Vice President Mark Reuss, who heads global product development, purchasing and supply chain, was paid $7,726,508, and Executive Vice President Alan Batey, who heads North American operations, was paid $5,975,128.

GM also awarded $6,888,039 to Karl-Thomas Neumann, former president of GM’s European operations, the bulk of which were sold to French automaker PSA Group PEUP.PA last year.

The company’s annual shareholders meeting is scheduled for June 12 at GM headquarters in Detroit.

There are three outside shareholder proposals: To make the chairman an independent board member; permitting shareholders to act by written consent; and requesting that GM publish a report on the sustainability of its future vehicles. GM management has recommended that shareholders vote against all three proposals.

Reporting by Paul Lienert in Detroit; Editing by Jonathan Oatis and Matthew Lewis