New General Motors CEO Mary Barra is the first female leaders of a major auto manufacturer, but new data is overshadowing the success for equality.
A report filed with the US Securities and Exchange Commission shows Barra will be paid a total compensation of $4.4 million, including stock and benefits. Former CEO Dan Akerson earned more than double, with a total compensation of $9.1 million including $1.7 million in salary and stock awards worth $7.3 million.
Perhaps more controversial is the news
that Akerson will be paid $4.68 million in his continuing role with GM as a senior advisor.
GM dismissed claims of inequality, releasing a statement claiming the SEC report includes only two out of three compensation components.
“Specific long-term incentive compensation numbers will be included in the company’s April 2014 proxy filing, which likely will dispel any notion of pay inequity,” the company said. It added that discussion of pay inequality is “premature and flawed.”
Globally female executives are underpaid, with just eight per cent of top paid executive roles filled by women. According to a Bloomberg report last year, the highest paid women earned 18% less than the men on the list.
“Perhaps GM will prove itself a champion of equal pay for women when it discloses Barra’s long-term compensation in April, but for the time being, Barra’s lower pay isn’t encouraging,” CBS Moneywatch’s Aimee Picchi said.