April 27, 2020 / 7:21 PM / a month ago

GM CEO Barra's pay dipped to $21.6 million in 2019

FILE PHOTO: General Motors Chairman and CEO Mary Barra makes a statement as members of the United Auto Workers bargaining committee listen at the start of contract talks between the union and automaker in Detroit, Michigan, U.S., July 16, 2019. REUTERS/Rebecca Cook

(Reuters) - General Motors Co (GM.N) Chief Executive Officer Mary Barra received a compensation package worth $21.6 million (17.4 million pounds) in 2019, 1.1% less than the previous year, according to the U.S. automaker’s proxy statement released on Monday.

Barra’s pay package included a salary of $2.1 million, stock awards worth $12.14 million, options worth more than $3.5 million and a performance award worth $2.73 million, according to the proxy. Her salary remained unchanged from 2018, while performance award was 38.7% lower from 2018.

Barra’s total compensation package was valued at $21.63 million, below the $21.87 million she received in 2018. Barra, GM’s chairman and CEO, was paid $21.96 million in 2017.

GM said Barra’s pay was 203 times that of the median company employee.

The company on Monday suspended its quarterly cash dividend on its common stock and its share buybacks to save cash in the face of the coronavirus crisis that has severely hurt global automobile sales.

GM, which has been forced to shut some production in North America along with other car makers, had also said last month that compensation of board members will be reduced by 20%, while executives will see a cut of 25% to 30%.

Reporting by Shanti S Nair in Bengaluru; Editing by Maju Samuel

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