Barra’s pay package to rise to $14.4m this year

Barra’s pay package to rise to $14.4m this yearAutomotive giant, General Motors (GM) has said that the new head of the company, Mary Barra is expected to receive $14.4 million this year.

The figure of $14.4 million is about 60 per cent higher than $9 million paid to her predecessor, Dan Akerson in 2012. The company had said earlier that Ms Barra would be paid $4.4m in cash and stock during the year but the amount did not include the long term compensation. The rise comes after the company faced criticism that she is being paid less due to her gender.

Ms Barra took over as the head of the largest car maker in the US on 15 January. She iis the first female head of a an automotive giant in the country.

GM board chairman Tim Solso in a statement that, "As a new CEO, Mary's total compensation is in line with her peer group and properly weighted so that most is at-risk. The company's performance will ultimately determine how much she is paid."

The salary package is still subject to an approval by the shareholders of the company at GM's annual meeting in June. The company will release compensation for GM's five highest-ranking executives in filing in April.